IoT & Big Data to transform Healthcare; Malaysian market to register $2.2 billion by 2020
The Internet of Things (IoT) has been hailed as the innovation that will change the way companies work, altering our behaviour and offering potential for new business models.
The IoT market potential in Malaysia is predicted to register $2.2 billion by 2020. According to Prof. Dr. Sharin bin Sahib, the Vice Chancellor of the Universiti Teknikal, who spoke at the 6th Asia IoT Business Platform: IoT Malaysia, this development is expected to grow exponentially beyond 2020 to reach $10.5 billion in 2025.
Prof. Dr. Sharin bin Sahib states that Malaysia has an encouraging environment and a strong starting point to foster and spur on IoT within its market.
- Mobile penetration in Malaysia reached 143.7% in 1Q2014
- 65.8% of Malaysians use the internet
- Social networking penetration of 45%
- Government support through National Strategic Roadmap for the Internet of Things
The main challenge for materialising the greater benefits of IoT is according to him the human capital challenge. A talent pipeline which contains potential candidates that can be continuously nurtured and approached when vacancies arise, needs to be implemented. With this in place the time to hire will be reduced, business disruption minimised, success in interviews increased, cost per hire reduced and the best talent made available.
One sector where IoT already has a noticeable effect is healthcare. The Billionaire investor Vinod Khosla stated that “In the next 10 years, data science and software will do more for medicine than all of biological sciences together” Bearing this in mind, the Forbes magazine estimated the market value of the Internet of Things in Healthcare at $117 Billion globally by 2020.
This was consistently brought up at the 6th Asia IoT Business Platform: IoT Malaysia, by regional healthcare experts such as Dr. Yau Teng Yan, Chief Medical Officer at Holmusk, Dr. Phua Kok Soon, Senior Research Engineer at A*STAR and Dr. Dhesi BR form the Singularity University NASA AMES Research Center Silicon Valley.
These experts also shared the belief that benefits of IoT in healthcare, e.g. remote monitoring, remote diagnosis, use of big data analytics and integrated healthcare solutions could combat the rising challenges of our healthcare systems - such as an ageing population with increased healthcare needs, increasing prevalence of chronic diseases and increasing incidence rates of cardiovascular diseases and strokes. Dr Yau Teng Yan stated, that IoT & Big Data offers the chance to part with traditional ”Trial and Error medicine”, making it possible to make decisions based on real-time data as well as a holistic view of the patients environment and history.
Dr. Dhesi appealed for a transformational use of IoT & Big Data in the healthcare sector, where patient care changes from “curative towards preventive medicine”. He adds that this transformation would need to be driven by new and disruptive IoT business models in order to be sustainable.
In Malaysia the Ministry of Science, Technology and Innovation and its applied research agency MIMOS, who was our key partner at the 6th Asia IoT Business Platform, has taken the initiative to foster new businesses in the IoT sector, by unveiling the National Strategic Roadmap for the Internet of Things. This roadmap offers a clear idea of how the government is planning to nurture the local ecosystem towards becoming the preferred regional hub for IoT implementation.
At our 6th Asia IoT Business Platform: IoT Malaysia, we interviewed Helmi Halim, the Senior Director of (Corporate Strategy) MIMOS. To view the interview click here
The 10th edition of Asia IoT Business Platform: IoT Malaysia will return to Kuala Lumpur on 18 -19 August 2016 to gather the government, telcos and rest of the ICT industry for discussions on M2M/IoT sector developments, educate enterprises on IoT implementations and foster strategic business partnerships. Request for a brochure here.