CanCan Pte Ltd deploys the strategy of two types of business services – direct engagement and CanCan.com open platform to target specific markets/customers.
For the direct engagement by CanCan company’s professionals, industrial IoT and healthcare segments are selected as the initial market. As mentioned in the previous section, global IoT market size will reach $457.29B in 2020, so the sub-sector of industrial IoT and connected health are estimated to account for $110B and $91.4B, respectively.
China’s Ministry of Industry and Information Technology released its Five-Year Development Plan in 2012, with the goal of scaling the IoT market to $163B by 2020.
In the meantime, the government’s IoT special fund was promoting IoT research and development, applications and services. In 2014, the government upped its annual investment in IoT to $1.6B. The strong government support and the potential of
economies of scale are launching China to the forefront of the industrial IoT revolution.
The overall scale and growth of China’s industrial IoT is shown in Figure 77.
Figure 7: The overall scale and growth forecast of China’s IIoT (2010~2019)
CanCan Pte Ltd deploys the focused-strategy to leverage its resources in two primary IIoT sectors - banking/financial services and agriculture because the survey from Daintreee Networks points out 74% of banking/financial services planned to invest in developing and implementing IoT strategy by 2016 and Business Insider indicates that 75 million IoT devices will be applied for agricultural uses. The early adoption in the banking sector provides considerable opportunities to launch our business service. On
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the other hand, China, ranking first in worldwide farm output, has massive chances to deploy IoT innovation in the form of smart farming techniques. Hence, agriculture is another industrial IoT focus to expand CanCan Pte Ltd service.
In respect of connected-heath, the market is estimated to reach $91.4B in 2020 and the major growth drivers of IoT healthcare market are evolution of intelligence technology, rise in investments for the implementation of IoT healthcare solutions, and the
increasing penetration of connected devices in healthcare.
In addition, the investment in IoT has exploded and corporate VC or traditional VC firms proactively invest in IoT space. Large corporates entered the IoT market from the very beginning and invested heavily in the development, whereby such investment acts as a catalyst for greater start-up activity. Venture Scanner points out that IoT global funding grew at a CAGR of 34% from 2011 to 2016 as shown in Figure 8 (Data for 2017 is cumulated to August only).
Figure 8: Global IoT Funding Over Time
Massive start-up companies pertaining to the IoT space have arisen because of governments’ support, substantial funding sources and accessible open platform.
With the backbone of task-matching service and transaction management through CanCan.com online platform, global start-up companies are selected as the potential customers.
3.3 COMPETITION
As of the data of this paper, there’s no prevailing company providing identical services (both direct engagement and online task-matching platform) which are to be offered by CanCan Pte Ltd.
However, there’s indirect competition coming from the existing well-known IT solutions companies targeted at sectors of industrial IoT and connected-health IoT.
Their details are as follows:
Nuance company providing healthcare solutions (America)
Konica Minolta providing web-based software platform for radiology (America)
ITS – A Total Solution Company specializing in infrastructure, security and storage (India)
Insight company offering comprehensive solutions (America)
The abovementioned companies have the ability to leverage on their popularity and dominance to prevent competitions from the new entrant.
28 3.3.1 Nuance Company
Nuance is US based company specializing in health care solutions including digital documentation, web-based platform, artificial intelligence application, speech
recognition software and quality management. The major business activity is to drive documentation productivity through voice recognition and the system integration through web-based platform. The available services/products are not comprehensive to the extent of the relevance to IoT connected health.
3.3.2 Konica Minolta Company
Konica Minolta company is US based company, focusing on imagining – optics, medical imaging, graphics, business solutions. Over past 75 years, the company builds its brand recognition in digital radiography, ultrasound, mammography, and laser imaging. The company continues to develop new service, web-based software platform, on the forefront of health IT advancements. From IoT perspective, this company just starts engaging in the connected objects.
3.3.3 ITS – A Total Solution Company
ITS – A Total Solution Company, based in India, was established in 1996 and provides IT infrastructure and solutions on various platforms. Infrastructure, security and storage are the main sectors where this company focuses on. The service portfolio is not
comprehensive, so ITS might not be the one stop IT solution company to solve a variety of problems from the IoT space.
3.3.4 Insight company
Insight company, an American company, was founded in 1988 and has continued expanding and acquired other companies to make the service portfolio more comprehensive. Today, Insight is positioned as a leading provider of IT solutions, helping companies around the world implement innovation and improve business performance. In addition, with 5,100 hardware, software and cloud partners, Insight offers leading solutions and diverse services. For the wave of IoT revolution, Insight tailors its service for a variety of industries whereby customers can seek total solutions from there. Insight has the ability to leverage on its dominance to prevent competitions from the new entrant.
30 4. COMPETITIVENESS ANALYSIS