The Internet of Things is expected to double from $235 billion in 2017 to $520 billion in 2021. Based on a survey by Bain & Company, customer views on IoT developments have been negatively affected due the realization that solutions are taking longer than expected. These customers believe vendors have made little progress in making more time and cost efficient changes to barriers on IoT adoption, such as security, information technology, and operational systems. According to data, this has caused customers to plan less IoT applications by 2020 than there was a couple years ago. Cloud service providers have lowered barriers for IoT adoption, however their broad services provides minimal expansion for industry-specific applications. This gives technology providers a greater opportunity to meet customer needs with such as high demand for industry solutions. The key to success for technology providers is to focus on fewer industries to provide in-depth experience and end-to-end solutions.
Bain & Company, Unlocking Opportunities in the Internet of Things
Customers believe cloud service providers are continuing to lead IoT solutions through easy access to tools for collecting and analyzing data. Barriers to adoption of the Internet of Things is still an issue that has caused customers to spend less on IoT devices and question vendors capabilities. In the upcoming years, it is crucial for vendors to expand their industry-specific knowledge in the development of IoT markets. Leading vendors will focus on 2 or 3 domains to establish industry expertise, and compete with cloud service providers. Focusing on specific industries will develop cost effective, end-to-end solutions, and transferable systems to reduce customization requirements. Vendors must understand the customers goals and address concerns to deliver the most efficient IoT solutions.
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