Innovative Benchmarking Index for 11 IoT Markets - ASEAN Countries Must Harmonize Their Data Privacy, Cross-Border Transfer, and Security Protocols or Risk Being Left Behind Global Competitors
The Internet of Things (IoT) has been introduced to solve a variety of business challenges faced by enterprises in the following categories: 1) visibility and insights, 2) optimization of business processes, 3) tracking of assets, 4) monitoring of assets and environment, 5) improved customer engagement, 6) enabling new services, 7) enabling new business models, and 8) automation. This report provides in-depth knowledge about the fundamental elements that governments should provide so that the private sector can invest in IoT. The report details the policies that the different governments have been adopting with respect to the 8 elements above.
Policies are covered for the following regions: The European Union, the United States, India, China, Japan, Singapore, Malaysia, the Philippines, Thailand, Vietnam, and Indonesia. This research also contains a benchmarking index for each of these countries with respect to the policies developed.
IoT will change the way end users expect to consume products and services and how they measure services outcomes. Traditional services offered are not personalized, but this is changing with IoT as it provides the ability to cater services to suit individual needs. IoT is also changing the way enterprises are offering products and services to end users. Organizations offering IoT-enhanced services will increasingly adapt their business model towards a service-oriented and outcome-based pricing model while having to engage with an ecosystem approach to offer an end-to-end service that might span multiple domains.
Governments across The Association of Southeast Asian Nations (ASEAN), as well as from the other parts of the world, have realized that the volume of IoT devices is going to increase exponentially in their respective countries. This has forced them to think about drafting laws and developing an ecosystem for IoT to flourish in their respective countries. The European Union’s General Data Protection Regulation (GDPR) came into effect in May 2018 and represents a paradigm shift with respect to data protection. It is likely to form a model for new data privacy rules in other jurisdictions. In order to reduce the burden of doing business in the EU for local companies, ASEAN countries must seek to harmonize their data privacy, cross-border transfer, and data security protocols. If they fail to do so, they risk being left behind their global competitors. ASEAN governments should avoid granting privacy exemptions to local firms that handle foreign data because doing so can lead to other countries viewing their privacy and data protection laws as weak and ineffective.
Key Issues Addressed
- What are the fundamental elements that governments should provide so that the private sector can invest in IoT?
- Do the governments of the selected countries actually provide such fundamentals?
