The report sees the IoT gaining momentum in the Nordic region, with the technology being deployed or tested in the manufacturing, healthcare, smart buildings and connected car industries.
"The IoT will help enterprises in these and other industries save money, make better business decisions, create operational efficiencies and improve their processes," said Barry Matthews, partner and head of ISG North Europe. "Consumers will benefit from the enhanced user experiences enabled by the IoT, which in turn will drive new revenue streams for Nordic businesses."
The launch of 5G technologies will open up a range of new use cases for the IoT in the Nordics, the report says. Leading telecom companies in the region also are ramping up their Narrowband IoT (NB-IoT) deployments, which allows users to transmit a small amount of data from multiple devices. NB-IoT consumes little power, enables long battery life and can address several connectivity needs, the report notes.
Governments in Denmark, Finland, Iceland, Norway and Sweden are eager to adopt the IoT and other technologies as a way to improve the lives of citizens, the report adds. In particular, governments in the region are collaborating through the Nordic Smart City Network, which helps them create best practices for smart city projects and urban development. Cybersecurity remains of paramount concern, the report notes, with the governments of Norway, Sweden and Finland, in particular, planning to invest in national security infrastructures to prevent cyberattacks.