| | | IoT software and services in the pharmaceutical sector to be worth $2.4 billion by 2020: GlobalData
Bangalore: Internet of Things ( IoT) is transforming the pharmaceutical industry at a rapid pace. IoT has the potential to enhance almost all the processes of the pharmaceutical industry ranging from clinical trials, drug disclosure, manufacturing, and supply chain to remote patient monitoring, according to GlobalData, a data and analytics company.
IoT software and services in pharmaceutical industry is expected to grow from US$420million in 2015 to US$2,486 million by 2020, at a CAGR of 42.7% from 2016 to 2020.
“IoT software and services effortlessly connect and create the base upon which IoT applications and use cases can be realized to develop a comprehensive solution that will benefit organizations to reduce response times, enhance product quality, security, and boost performance,” comments Alok Singh, Senior Technology Analyst – GlobalData.
“IoT software and services spending is driven by the large adoption of cloud platform as a service ( PaaS) along with advanced data analytics, new application, and use cases, which transforms data into substantial information and eventually into the activity that will boost business productivity, or better customer service,” adds Singh.
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