The IoT sector has exploded over the past few years, and, even taking into account the globally inhibitive effects of COVID-19, this growth shows few long-term signs of abating. The buoyant, fast-paced IoT industry was the subject of a webinar, involving a panel of four partners from Hogan Lovells: Valerie Kenyon, Christelle Coslin, Matthias Schweiger, and Salomé Cisnal de Ugarte. Each gave their take on the state of play of IoT across the EU and explored the liability issues that potentially are coming down the line for IoT products.
In this article, we follow up on that webinar by setting out some of the key discussion points from the session. You can find a link to the recording of the webinar here.
The impact of COVID-19 on the IoT space
While the IoT industry has grown year-on-year with impressive regularity, 2020 research suggested that a combination of COVID-related factors (including supply chain disruptions and manufacturing issues, as well as consumer and business needs changing in the short term) could instigate a decrease in the net addition of IoT devices in the short term. For example, it was estimated that IoT in the automotive sector could be especially impacted, as well as people refreshing their mobile devices less frequently due to economic uncertainties and job losses.
Encouragingly, however, we’ve seen many companies in the IoT space, particularly those in the life sciences sector, embracing their role in the fight against COVID-19. The issues arising from the health crisis have been a real innovation trigger for the IoT space, both with respect to new products being created in direct response to the pandemic and for existing products where usage and growth has increased.
Telehealth has moved more into focus. Since the crisis, a considerable number of doctors have integrated telehealth into their regular practice; for example, online video consultations being offered through different apps or platforms. The COVID-19 pandemic has given a boost to the digitalization of the healthcare system, which can only be for the benefit of patients. It is expected that telehealth will experience a long-term growth through COVID-19.
From a general perspective, in terms of non-COVID-related IoT products, most expect a bounce back to anticipated levels of supply and demand. A surge in demand, even, seems likely as our homes and lives become even more connected in response to the ongoing amount of social distancing we need to live with, at least in the short to medium term.