Utilities and large enterprises using IoT technologies rely on an ecosystem of vendors to help them harness an increasing number of connected devices, processes, and large data volumes that can unlock valuable business insights through analytics tools.
As demand for IoT technology increases, many vendors have cobbled together IoT platforms as a foundational solution that promises to bring order, control and economic advantages.
“The crowded IoT value chain has attracted numerous platform vendors, each trying to grab a piece of what has so far been a fragmented market,” says Neil Strother, principal research analyst with Navigant Research. “The leaders in this segment have developed IoT platforms that enable customers to better harness large data sets from devices and sensors, and then turn that data into useful business outcomes.”
The challenge for these vendors, however, is to cut through the complexities of IoT deployments, and distance themselves from the pack. According to the report, vendors with innovative and differentiated products that become standard across a particular industrial sector, or sectors, will have the market advantage.