A study by consulting firm Frost and Sullivan has said the market for applications and hardware based on the Internet of Things (IoT) approach was set to generate US $3.29 billion in Brazil by 2021.
According to a report on ZDNet, hardware, software and service offerings servicing connected environments in the country has generated US $1.35 billion in 2016, the study says, adding that telematics for commercial vehicles represented the majority of that investment – that is due to the need for transport efficiency and load security as Brazilian logistics networks are heavily road-based due to the lack of railways.
Going forward, the Brazilian IoT market should be driven mostly by the automotive and manufacturing industries, the research points out, though “significant opportunities” also lie within segments such as smart cities, utilities, agriculture and healthcare. This is despite the fact that the local IoT ecosystem is still fragmented.