Month: September 2019

How to build a smarter operation using tank monitoring IoT technology

The presence of IoT technology in the petroleum industry is not a new concept. However, the value derived from this information is what differentiates an organisation from another. As uncertainty in the global oil and gas industry ensues, businesses are looking above and beyond merely managing assets and are now focusing on integrating data across their entire value chain, developing advanced workflow solutions to predict market shifts, reduce costs, and create new revenue streams, says Anton Albrand, vice president, SkyBitz Tank Monitoring.

According to Berg Insight, the global installed base of active remote tank monitoring units reached almost 1.8 million by the end of 2017. Growing at a compound annual growth rate of 37.2%, it is estimated to reach 8.6 million units worldwide in 2022. These are staggering numbers that will surely prove profitable for leaders that capitalise on the value of IoT tank monitoring solutions across their entire operation.

How it works

Today, the Internet of Things (IoT) means pairing sensors with communications systems and data analytics capabilities to provide different areas of business with valuable insight that help eliminate ineffective business processes. Wireless devices are typically at the core of IoT, usually capturing data via cellular connectivity and then translating it back to a data centre where critical calculations take place. Ultimately the data is translated and either presented via a web-based portal or mobile application or in many cases integrated directly with back-office software.

At relatively low costs, wireless tank monitors are easy to install sensor-based devices that are dropped into a tank to measure the level, temperature and pressure of the product in the tank. Usually exposed to outdoor elements and potentially extreme weather, the tank monitoring device is extremely rugged and highly durable.

For more specialised hazardous locations, the device must also be certified for Class 1 Division 1, intrinsically safe for deployment. Battery life is equally important as the origin of data collection begins with the IoT device. Since the tank monitor operates in remote locations, the battery is designed to transmit data periodically over many years without the need for a replacement.

Visibility starts at the device level, capturing tank level and product consumption. The information is then shared across verticals and customers for total transparency across the value chain. Alerts and notifications are established based on business rules which directly correspond to specific tank levels, giving customers the ability to proactively plan and manage different functions including operations, sales, management, finance, customer service, and maintenance. See the diagram below:

How IoT affects the tank monitoring industry

There are use cases for each area of the petroleum industry, from upstream, midstream, and downstream, each representing their own set of challenges and obtainable result including production planning, inventory management, resource and equipment scheduling and of course eliminating shut down.

Anton Albrand

Specific to the downstream use case, IoT integration addresses your most sought after asset – the customer. Delivery efficiency is the most significant savings as most tanks on average, are over serviced by 35%. While many field marketers and operators are still [...]

The post How to build a smarter operation using tank monitoring IoT technology appeared first on IoT Now - How to run an IoT enabled business.

The battle has started for the Internet of Vehicles

Smart connected cars made the headlines at major tech and car fests this year, from the Consumer Electronics Show (CES) in Las Vegas to the Geneva International Motor Show (GIMS) in the Swiss city.

A wide variety of automotive vehicles equipped with sensors, cameras, radars and LIDAR systems were on show, including the latest voice and facial recognition tools designed to assess drivers’ moods. Clever in-vehicle virtual reality entertainment was displayed with the help of major Hollywood studios, says Catherine Bischofberger, technical communications officer, at the International Electrotechnical Commission (IEC).

Far away from the limelight, however, a battle of epic proportions was – and still is – taking place. Two different standards are competing for the attention of regulators. These standards are relevant to what some pundits call the Internet of Vehicles (IoV) or, in other words, connected cars which can communicate both with their internal and external environments.

The IoV is expected to enable a number of applications such as collision detection, lane change warning, traffic signal control, intelligent traffic scheduling, fleet management, remote diagnostics or infotainment. By talking to each other, cars can, for example, avoid collision, one of the requirements that must be met for automotive vehicles to become fully autonomous.

Cyber security versus 5G

The DSRC (Dedicated Short Range Communications) standard enables wireless short-range information exchange between automotive vehicle on board units and roadside units. It is an amendment to Wi-Fi standards, adapted to the unique challenges of automotive applications. Its specifications are in the IEEE (Institute of Electrical and electronics Engineers) standard for wireless access in vehicular environments. DSRC is supported by a number of automotive manufacturers since it enables the implementation of an inbuilt software and hardware add-on that they can manufacture.

There is no requirement for any form of cloud or cellular infrastructure. This standard has been extensively tested and is already used in some vehicles, for instance in the GM Cadillac CTS. It is backed by the Association of Global Automakers, which includes heavyweights such as Aston Martin, Ferrari, Honda, Hyundai, Kia, Nissan and McLaren. The lack of cloud and cellular infrastructure, according to its proponents, makes vehicle to vehicle communication based on DSRC more difficult to hack than the system supported by the rival standard.

Catherine Bischofberger

The new kid on the block is the C-V2X standard. For the non-initiated, V2X technology refers to vehicle to everything communication (including vehicle to infrastructure, to pedestrians, etc…). C-V2X is a cellular-based network technology developed by the 3rd Generation Partnership Project, (3GPP) whose members include different telecoms standardisation organisations and associations which develop mobile phone protocols.

C-2VX is also backed by the 5G Automotive Association. Its founding members include Audi, BMW, Daimler, Ericsson, Huawei, Intel, Nokia and Qualcomm. C-2VX backers argue that this more recent standard is better suited to accommodate new 5G networks and all the improvements they entail.

Internationally agreed standards can help market growth

This standards clash involving the automotive and telecoms industries throws the spotlight on the need for a more global approach. IoT is revolutionising so many different areas, from electricity transmission to transport and healthcare, to name but a few. The global IoT market is still in its infancy, though, and most reports forecast spectacular growth in coming years. For the time being, however, in most IoT markets, manufacturers sell their own custom-built solutions which do not interoperate with other systems, to the detriment of the consumer. Lack of interoperability and potential standards wars could very well stifle the predicted boom.

Widely adopted and industry-backed international standards might be one of the ways forward. The International Electrotechnical Commission (IEC) and the International Standards Organisation (ISO) have formed a joint technical committee, which is producing international standards for information and technology applications, including the IoT. It also liaises closely with the International Telecommunication Union (ITU) and IEEE. Several standards have been published, such as ISO/IEC 21823-1, which defines the framework for the interoperability of IoT systems.

Standards battles are costly affairs for the industries involved. Lack of interoperability can put off consumers and the risks of eroding their trust in new technology are real. Consensus-based international standards are tools to help limit these risks in new emerging markets, such as the IoT.

The author is Catherine Bischofberger, technical communications officer, the International Electrotechnical Commission (IEC).

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

The post The battle has started for the Internet of Vehicles appeared first on IoT Now Transport.

Regulation and reimbursement strategies should not get in the way of ‘smart’ electronic skin patches

Recent IDTechEx research in their report, Electronic Skin Patches 2019-2029, has revealed significant opportunities in the development and use of electronic skin patches, with more than US$7.5 billion (€6.8 billion) in revenue made from the technology in 2018 and a growth forecast of over $20 billion (€18.2 billion) per year over the next decade.

However, as James Hayward, principal analyst at IDTechEx says, it also shows that reimbursement and regulatory consideration aren’t necessarily keeping pace. He also highlights the dangers of a closed market driven by regulation and reimbursement strategies which favour devices for simplicity and cost rather than effectiveness; deterring new entrants.

Electronic skin patches are wearable products attached to the skin of a user incorporating sensors, actuators, processors and communication technology, allowing the device to connect to the internet to become ‘smart’. Skin patches are one of the latest waves in health monitoring; their non-intrusive design meaning they are comfortable and discrete. Unsurprisingly, interest in electronic skin patches has soared, driven by significant hype and market growth around wearable devices starting in 2014.

A number of significant applications of electronic skin patches are now having a profound impact on health and quality of life. Some of the foremost use cases centre around healthcare and medical applications, while the consumer health market is another early adopter. As such, several product areas, particularly in diabetes management and cardiovascular monitoring, have grown exponentially to create billions of dollars of new revenue each year for the companies at the forefront of this wave.

Cardiovascular monitoring faces reimbursement and competitive roadblocks

Alongside this growth has come the need for forward-thinking regulation and reimbursement, especially given the life-changing medical context of their applications. Following regulatory approval, the funding of medical devices can come from different sources, including government-led reimbursement schemes. These provide funding for medical devices defined within certain categories according to central definitions and understandings of the performance and cost of the device. While systems do vary by country, it is typical for central procedural terminology to be linked to reimbursement amounts for each device.

Take cardiovascular skin patches for example, which exist in a highly competitive landscape alongside consumer wearables such as watches and chest straps (which provide cardiac data but with limited medical usefulness due to a lack of medical approval) as well as cardiac implants which offer a more accurate but less safe approach.

Effectiveness must have a role to play in future developments

Electronic skin patches for cardiovascular monitoring must strike a compromise between data quality and patient comfort. A patient can remain active while wearing the device, minimising additional issues caused by remaining in a hospital bed for too long. However, they also typically produce simpler data sets than the full 12-lead standard monitor and offer less control over the quality of the data produced. These competitive landscapes drive positive product development but it is often the central regulatory and funding bodies that have the power to drive change.

Previously, these mobile cardiac telemetry products have benefited from a favourable reimbursement scenario in the US, defined under [...]

The post Regulation and reimbursement strategies should not get in the way of ‘smart’ electronic skin patches appeared first on IoT Now - How to run an IoT enabled business.

GCF authorises Altair’s cellular IoT lab as it gains worldwide approval

A provider of cellular IoT chipsets, Altair Semiconductor, reports that its laboratory has been officially authorised by the Global Certification Forum (GCF).

“Altair is looking to revolutionise cellular IoT connectivity across the world,” according to Levana Asraf Fouks, director of System Validation and Customer Support. “As an industry leader in cellular IoT technology, covering CAT-M, NB-IoT, and CAT-1, we recognise the significance of the GCF authorisation as it’s trusted by mobile networks everywhere. We shall use our authorised lab to maintain interoperability with 3GPP and certification requirements while keeping the highest degree of quality of our products.”

The GCF quality mark for interoperability is widely recognised as the gold standard of the cellular test industry, helping authorised partners to help deliver cellular IoT connectivity worldwide. “By combining conformance and interoperability tests undertaken in laboratories on multiple live networks, GCF’s authorisation of the Altair’s laboratory will make us a standout player in the global marketplace,” says Asraf Fouks.

Altair’s optimised cellular IoT chipsets are the industry’s most advanced, providing the market’s lowest power consumption, enabling the most extended battery life for cellular IoT. Commercially available, they feature a hardware-based security framework and a rich set of features including integrated MCU and GNSS, ideal for integration in a range of industrial and consumer IoT applications.

Altair Semiconductor, a Sony Group Company, is a provider of cellular IoT chipsets. The company’s flagship ALT1250 is claimd to be the smallest and most highly integrated LTE CAT-M and NB-IoT chipset, featuring ultra-low power consumption, hardware-based security, and a carrier-grade integrated SIM (iUICC), all 5G ready.

Altair partners with leading global vendors, including G+D (Giesecke+Devrient), HERE Technologies, Murata, Sierra Wireless and WNC, to provide low-power and cost-efficient modules for a range of industrial and consumer IoT applications such as trackers, smart meters, wearables, and vehicle telematics. Altair’s chipsets have been commercially deployed on the world’s most advanced LTE networks, including AT&T, China Mobile, KDDI, Softbank, Verizon, and Vodafone.

Comment on this article below or via Twitter @IoTGN

The post GCF authorises Altair’s cellular IoT lab as it gains worldwide approval appeared first on IoT global network.

Switch vendor claims to be first to offer full-stack support for SONiC to simplify open networking

Mellanox Technologies, Ltd., a supplier of high-performance, end-to-end interconnect solutions for data centre servers and storage systems, has announced ASIC-to-Protocol (A2P) customer support solutions for the SONiC Network Operating System (NOS) on Mellanox Spectrum switches.

SONiC (Software for Open Networking in the Cloud) is a fully open sourced NOS for Ethernet switches. It was created by Microsoft to run Microsoft Azure and is now a community project under the Open Compute Project (OCP). SONiC is built on the Switch Abstraction Interface API (SAI) and breaks down traditional monolithic switch software into agile, microservices-based containerised components.

This model accelerates innovation within the NOS and the data centre by breaking vendor lock-in and simplifying switch programmability, allowing network operators to choose the best-of-breed switching platforms. SONiC offers a full suite of network functionality—like BGP, ECMP, VXLAN, IPv6, and RDMA—that has been deployed and production-hardened in some of the largest data centres in the world.

Mellanox pioneered the Open Ethernet approach to network disaggregation with multiple families of Ethernet switches supporting a wide range of open network operating systems, including SONiC. Democratising web-scale network automation and visibility, Mellanox is making SONiC available and accessible to tier-2 cloud providers, telcos, and large enterprises that want to embrace open source technologies and leverage the R&D investments of hyperscaler cloud titans in a vendor-supported networking environment.

Already a major contributor to SONiC, Mellanox is announcing support offerings for customers running large deployments of the SONiC NOS on Mellanox SN2000 and SN3000 switches. Mellanox is the first switch vendor to offer comprehensive A2P support contracts for both hardware and software to customers deploying SONiC on Mellanox switches. This A2P support covers all aspects of the switch hardware and software, including the ASIC, SAI, switch system hardware, NOS, and networking protocols.

To accelerate initial SONiC deployments, Mellanox is also creating SONiC starter kits that go beyond a simple bundle of parts. The Mellanox SONiC starter kits are built around tested and verified use-cases with sample switch configurations, topology guides, test plans, and Ansible scripts to simplify and speed up deployments.

Open source solutions come with great benefits while requiring the best level of support. These SONiC starter kits are designed to accelerate the adoption of open source data centre automation across cloud and enterprise customers. Mellanox ASIC-to-Protocol support ensures single-vendor ownership of support and faster time to resolution for any issues.

Mellanox rounds out the networking solution with world-class SONiC training from the Mellanox Academy a SONiC certification program for network engineers who want to become proficient with cloud scale tools and operations. Customers can sign up for this training today at Mellanox Academy.

“SONiC is an amazingly versatile and scalable NOS for the data centre, and Open Ethernet is an incredibly powerful concept,” said Amit Katz, vice president of Ethernet Switches, Mellanox Technologies. “Every week we hear from more customers who want to combine the power of SONiC with the best-in-class switch silicon in Mellanox Spectrum. Our unique support offering and vast SONiC experience make this easy for new and existing SONiC customers.”

Yousef Kahlidi, Corporate vice president, Azure Networking at Microsoft Corp. said, “SONiC delivers scalable and efficient cloud networking that offers one optimised NOS that runs on a variety of best-of-breed switches. Offering support for SONiC on their switches allows Mellanox to bring the benefits of SONiC to a larger customer segment.”

“Meituan is deploying SONiC in production because it is a non-proprietary, open NOS that has the features and scale we need for our cloud data centres,” said Lei Zheng, leader of the SONiC team at Meituan. “SONiC works well on Mellanox and it gives us full network visibility features needed to operate a modern data centre. We are extremely excited that that our upcoming SONiC deployment will be fully supported by a world class networking company like Mellanox.”

Expanded portfolio of OCP-compliant secure cloud SmartNICs

In addition, Mellanox is introducing new OCP SmartNICs powered by the ConnectX-6 Dx ASIC and BlueField-2 I/O Processing Unit (IPU), joining the broad Mellanox OCP adapter portfolio of ConnectX-4 Lx and ConnectX-5 OCP 2.0 and OCP 3.0 adapter cards. Mellanox advanced network adapters enable faster and more efficient cloud, storage, security, AI, machine learning, video streaming, and big data solutions for cloud, telco and enterprise customers.

The Mellanox OCP SmartNIC portfolio delivers unprecedented performance and advanced features including Mellanox multi-host, Mellanox socket-direct and host-based management, which complement the Mellanox Open Ethernet switches and expanded support for SONiC.

Comment on this article below or via Twitter @IoTGN

The post Switch vendor claims to be first to offer full-stack support for SONiC to simplify open networking appeared first on IoT global network.

Vehicle tracking device market to reach $3bn by 2025

The Vehicle Tracking Device Market is set to grow from its current market value of more than $600 million (€548 million) to over $3 billion (€2.7 billion) by 2025; as reported in the latest study by Global Market Insights, Inc.

The vehicle tracking device market growth is attributed to the growing demand for advanced fleet management solutions to reduce the fleet operating expenditure. The large fleet operators are looking for solutions to remotely monitor their fleet operations. These systems help fleet companies to track their fleet remotely by informing key parameters such as fuel consumption, driver behaviour, and engine parameters. These systems also help logistics & transportation companies to reduce the total cost of ownership by enhancing mobile device visibility, safety, and uptime.

The adoption of wireless vehicle tracking devices is increasing due to its low power and compactness. The wireless vehicle tracking devices work on batteries that can operate for longer hours. These devices also have inbuilt GSM antennas that reduce their overall size due to the elimination of external antennas and wiring. The compact size of wireless tracking devices enables easy integration into vehicles that can be used in discrete covert vehicle tracking applications.

Heavy Commercial Vehicles (HCVs) segment in vehicle tracking device market are expected to show significant growth rate of over 25% during the forecast period due to the increase in the number of road accidents on highways. According to the World Health Organisation’s global status report on road safety published in December 2018, the number of road traffic deaths reached 1.35 million in 2018 across the world. Vehicle tracking system monitors driving behaviour such as over speeding, sudden lane changes, harsh braking, cornering instances, acceleration, and driving under alcohol influence.

The cellular vehicle tracking device market held a major share of over 45% in 2018 due to the increased cellular penetration across the world. The increase in cellular network penetration enables fleet operators to track their vehicles without any interruption in remote locations.

According to the report released by the European Commission’s Broadband Coverage in 2017, LTE coverage has already reached 99% households in European countries. The deep cellular coverage helps fleet operators to remotely track the vehicle location and other vehicle parameters. The fleet tracking solution providers are focusing on manufacturing devices, supporting the next generation 5G technology.

The mining sector is expected to show significant growth in the vehicle tracking device market over the forecast period with a CAGR of over 20% due to the demand for safe mining operations. The mining companies are focusing on improving the safety & efficiency of mines by protecting both human & mechanical assets. The governments are also imposing some regulations for the safety of mining vehicles.

For instance, in May 2015, South Africa’s Department of Mineral Resources (DMR) enforced a new regulation compelling surface mines to enhance the safety of Trackless Mobile Machinery (TMM) including trucks. The fleet management solutions enable mining companies to track the location of vehicles to increase efficiency and to prevent thefts. These solutions provide real-time fleet information on any smartphone, computer, or tablet to reduce accidents.

Europe vehicle tracking device market size, by region, 2018 & 2025 (USD million)

Europe is expected to hold a major vehicle tracking device market share over the forecast period due to technology advancements in the automotive sector such as autonomous driving and C-V2X technology. The government authorities in the region are investing in autonomous vehicles in the region.

For instance, in June 2018, the Centre for Connected and Autonomous Vehicles (CCAV), a part of the UK Department for Transport and Department of Business focusing on the development of driverless and connected vehicles, announced around US $29 million (€26.5 million) loans for development, demonstration, and trials of autonomous & connected vehicle technologies. This investment helped in accelerating the development of autonomous vehicles in the region. These autonomous vehicles are using vehicle tracking systems for safe & accurate mobility.

The companies operating the vehicle tracking device market are focusing on emphasising on the integration of ADAS technology to its solution to enhance their vehicle tracking capabilities. For instance, in February 2018, the company integrated Mobileye ADAS from ADAS Mobile Tech Inc. into its AK11 Fleet Hub solution. This integration helped the company to enhance vehicle tracking solutions for fleet managers to increase their efficiency and reduce the risks of driving accidents.

The major players operating in the vehicle tracking systems market are ATrack Technology Inc., CalAmp Corporation, Cartrack (Pty) Ltd., Concox Information Technology Co., Ltd., Garmin Ltd., Geotab Inc., Laird PLC, Maestro Wireless Solutions Limited, Meitrack Group, ORBCOMM Inc., Queclink Wireless Solutions Co., Ltd., Sierra Wireless, Inc., Starcom Systems Ltd., Suntech International Ltd., Teltonika, TomTom International B.V., Trackimo Inc., Verizon Communications, Inc. (Fleetmatics Group PLC), and Xirgo Technologies, LLC.

Comment on this article below or via Twitter @IoTGN

The post Vehicle tracking device market to reach $3bn by 2025 appeared first on IoT global network.

New visualisation, VR & AR innovations to be showcased at Digital Construction Week 2019

From the latest software integrating BIM with virtual reality headsets, to hand-held augmented reality systems for visualising designs on-site, exhibitors are preparing to show off the latest in visualisation, virtual reality (VR) and augmented reality (AR) tech for the built environment at next month’s Digital Construction Week.

Taking place on 16-17 October at London ExCeL, it’s set to be a showcase of some seriously impressive products revolutionising the construction industry. Here’s a preview of just some of the new innovations that will be on display:

  • KOREC is introducing Trimble SiteVision, a high-accuracy augmented reality system that can be held in the hand. Users can visualise geospatial data, such as new designs and underground utilities, in the field. Walk around the model and view from various perspectives or click on the model for attribute information (stand D18).
  • Fulcro is announcing the FULmax and Revizto partnership to deliver Digital Collaboration for teams using Immersive VR at the show. Visitors will have the opportunity to explore the benefits that can be realised using Revizto and FULmax together: to aid their team’s project engagement, design reviews and defect tracking, while standing inside live project data at life-size (stand C42).

  • Fuzor is exhibiting a next generation VDC tool offering solutions for design review, design analysis, BIM validation, real-time collaboration, stunning 4D output, 5D with VR and AR support. Fuzor 2020 is designed to help AEC professionals to stay competitive, reduce cost, improve safety and win more business (stand A8).
  • Vectorworks UK is promoting Vectorworks Architect 2020, a leading modelling, drafting and documentation solution from sketch to BIM. New developments include Live Data Visualisation, Walkthrough Animations, enhancements to the data tag tool and model sectioning for documentation, as well as a Vectorworks Graphics Module that offers faster file navigation and more responsive models (stand D40).
  • IRIS VR is demonstrating Prospect for Oculus Quest. The software is designed to make immersive coordination and collaboration easy, allowing engineers and BIM/VDC professionals to instantly navigate their 3D models in virtual reality and perform totally true-to-scale walkthroughs on the Oculus Quest with tools built specifically for AEC (stand C20).

For those looking for even more visualisation, AR and VR tech, products and solutions, other relevant exhibitors include Enscape, FARO, Igloo Vision, Lumion, Make Real, Matterport, NavVis, Revizto, Solius, and Sublime.

The visualisation theatre

It’s not just the central exhibition where visitors will find insights on the latest VR, AR and visualisation technologies for the built environment – these technologies will also take centre stage over in the Visualisation Theatre.

Over two days the theatre will play host to more than 20 expert-led sessions exploring the application and future development of virtual, augmented, and mixed reality technologies, as well as 3D modelling, mapping, and rendering, for design, construction, operation and even training and education. Highlights from the theatre include:

  • VR & AR – Making it more than a buzzword (10.30am on Wednesday 16 October) with Jonathan Hooper, senior digital engineer at Laing O’Rourke: this session will explore how we can harness VR and AR technology to go beyond visualisation and make it a real asset to a workflow
  • Contex-City – Visualising complex organisations through 3D environments (12pm on Wednesday 16 October) with Jamie Robertson, senior information consultant at Mott MacDonald: a look at Contex-City, an intuitive, interactive 3D city-scape that portrays the entire operating environment and/or IT architecture of complex organisations
  • The augmented worker – An innovation journey (9.30am on Thursday 17 October) with Chris Freeman, VP for industry at Sublime: insight into Sublime’s two Innovate UK funded activities, the Augmented Worker and Mobius and how the platforms will help validate the viability of immersive technology, and enable a more efficient and effective method for deploying it at an enterprise scale

  • Design with intangible data (10am on Thursday 17 October) with Ed Tibuzzi, associate director of AKT II: this session will explore the benefits of employing new technologies such as artificial vision and augmented reality, and demonstrate how they have helped on real life projects including Google London, the Neuron, the Vessel of Hudson Yards, and more
  • M6 J2-4 SMP people plant interface VR training (12pm on Thursday 17 October) with Navroop Rai, digital engineering manager at Vinci: this session will demonstrate how virtual reality technology can be used for more effective safety training for construction sites

To see the full programme for the Visualisation Theatre click here.

Register for a free trade ticket

Digital Construction Week takes place at London ExCeL on 16-17 October. For further information, and to register for a free trade ticket to attend the exhibition, click here.

Comment on this article below or via Twitter @IoTGN

The post New visualisation, VR & AR innovations to be showcased at Digital Construction Week 2019 appeared first on IoT global network.

Blockchain technology in healthcare to hit US$1.6bn by 2025, says GMI report

Blockchain Technology in the Healthcare Market size is set to exceed US$1.6 billion (€1.4 billion) by 2025; according to a new research study published by Global Market Insights, Inc. Rising adoption of blockchain technology for precision medicine and patient care & outcomes research (PCOR) for reducing operational cost and maintaining data privacy will increase the adoption of blockchain technology in upcoming years.

Blockchain technology in healthcare is enabled with different application program interface for maintaining data privacy and accuracy in health information exchange data. Moreover, blockchain helps in enhancing access to distribution of data and distributed computing power to verify financial transactions and operation work. Thus, growing use of blockchain technology in healthcare sector will augment the market growth in upcoming years.

Increasing investment in healthcare economics, examination of medical outcomes and interoperability of health data will offer lucrative industry growth in upcoming years. Access to many users simultaneously eliminate reductant processes, and reduced operational costs make the software feasible to handle. Rising prevalence of significant advancements in technology owing to increased work efficiency in academic research and start-up companies will drive the consumer preference for blockchain technology.

Moreover, blockchain technology will reduce significant cost components, further impelling the industry growth in future years. Growing awareness about implementation of blockchain technology and government initiative for data standardisation and operational scalability constraint in data management will spur industry growth in upcoming years. For instance, the U.S. government implemented Health Information Technology for Economic and Clinical Health Act (HITECH) in the year 2009.

The act was implemented to motivate the deployment of electronic technology among doctors, researchers and hospitals for reducing operational costs and maintaining accurate data monitoring by the government. Such initiatives and regulations will augment the demand for blockchain technology in the healthcare field over the foreseeable future. However, a dearth of skilled workers and high installation costs may limit blockchain technology implementation over the coming years.

Data exchange and interoperability component of blockchain technology dominated the market with 40.0% revenue share in 2018. Data exchange and interoperability encompasses collection and analysis of data, related to regulatory, patient digital identities and existing health segments for reuse and maintaining the information flow securely.

In addition, flexibility of management of vast data points regarding drug store management and uniform movement of data from one system to another offers momentous growth opportunity for data exchange and interoperability technology in coming years.

Healthcare payers segment is forecast to foresee 65.7% CAGR during the estimation period. High segment growth is due to widespread usage of blockchain technology across healthcare network to improve patient emergency care and clinical outcomes.

As healthcare payers are involved in more complex processes, the technology helps to improve financial aspects, insurance provider data and clinical outcomes of patients by accelerating the work efficiency. Organisations present in healthcare payers blockchain technology are increasingly adopting blockchain to improve operational aspects of business, thereby augmenting the industry size.

UK blockchain technology in healthcare market held US $2.8 million (€2.5 million) market size in 2018. Growing use of blockchain for healthcare market and implementation of several government initiatives will serve to be high impacting factors for blockchain technology market growth in the country.

For instance, the UK government collaborated with the University of Surry for implementation of Archangel program. Archangel program is government initiative for implementation of blockchain in healthcare and other sectors. Such initiatives for implementation of blockchain technology in UK healthcare sector will positively impact the UK blockchain technology for healthcare industry growth in the forthcoming years.

Switzerland blockchain technology in healthcare market will witness significant growth at 73.3% in forthcoming years. Robust growth is attributed to presence of leading pharmaceutical companies in the country, that are rapidly implementing blockchain technology for improved clinical outcomes.

Moreover, increasing government initiatives for implementation of blockchain technology among pharmaceuticals manufacturing and product development companies will increase the demand for blockchain technology, thereby boosting the Switzerland blockchain technology in healthcare industry growth over the upcoming years.

Doc.AI, PokitDok, Microsoft, Gem Health, IBM, iSolve, Coral Health and EncrypGen among others are the major market players in blockchain technology in healthcare market. Product development, collaborations, mergers & acquisitions are the major strategies use by market players to consolidate their market position.

Comment on this article below or via Twitter @IoTGN

The post Blockchain technology in healthcare to hit US$1.6bn by 2025, says GMI report appeared first on IoT global network.