The COVID-19 pandemic underscored the need for enterprises to build agility, flexibility, and resiliency in order to adapt to changing market conditions. The Internet of Things market is primed to support organizations in this pursuit of digital resiliency. There are several challenges and opportunities IoT suppliers need to consider as they seek to support their enterprise partners:
First, vendors must make use cases the focus of their IoT approach. Most customers are not looking for the procurement of “IoT technology” but are instead seeking solutions that can help them achieve a specific business goal or customer challenge (such as cost savings, or supply chain efficiency). Vendors need to frame their IoT solutions to highlight the business value of their solutions, including tailoring their messaging, capabilities, capabilities, and language to ensure it is relevant to their customer base.
No IoT vendor can act as an island; the market is still an ecosystem-driven opportunity. Vendors in the IoT market need to rely upon adjacent vendors and suppliers as partners to provide holistic solutions that address tangible customer challenges. The market is becoming increasingly competitive and partnering with cloud providers (i.e., AWS, Google, IBM, Microsoft, Alibaba) has become critical for vendor success. Businesses and their supporting IT departments see IoT as an extension of their cloud and data strategy, and vendors would be wise to align their solutions as to be compatible with cloud tools, frameworks, and platforms.
IDC’s new Market Glance provides a look at the holistic IoT landscape, helping vendors see not only their own specific segment, but potential ecosystem partners as well.
Want to learn more about the Internet of Things market? Check out the full IDC Market Glance: