How to Turn the IoT Market from a "Wild West" into a "Federated State"
In this Article
2.1. Industries
2.2. Actions & Tools
"IoT remains a Wild West, characterized by many companies with lots of ideas, but poor lonesome cowboys rather than a federated state pulling together."
Companies try to implement IoT to boost their operation, increase revenue, and engage customers, but we still lack a united approach to this technology. As a result, customer experience remains ragged since enterprises didn't join forces to ensure seamless switching between different IoT services.
Scroll down to discover what industries, tools, and actions can gather versatile IoT initiatives under one roof, ensuring business unity in this field.
IoT development through the eyes of Mobile World Congress 2022 participants: Findings
61,000 attendees of Mobile World Congress 2022 admitted that the scale of IoT development & implementation remains fast-growing. Forbes predicts that cellular IoT connections will reach 3.5 billion in 2023. Fierce competition, dynamic customer demand, and significant IoT benefits make companies apply it with unprecedented speed.
Good news: businesses managed to cope with the challenges accompanying IoT implementation and usage. They admitted that average deployment sizes grow, and the cost of failure on Proof of Concepts becomes lower. These conditions provide room for creativity. Consequently, companies find more and more ways to get the most out of IoT.
Meanwhile, they do it separately from each other. We know that the Internet of Things opened new opportunities for cross-industrial partnerships. Meanwhile, enterprises still ignore it, focusing on in-house prosperity.
Well, it could be just a transition period for businesses. They aim to set up their operations following the new reality and move forward.
Meanwhile, this asceticism shouldn't take too much time. Сompanies have IoT initiatives supporting internal progress, but they do not consider the technology globally. Their narrow approach slows down audience growth, commercial offer improvement, and ROI.
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Industries
Key players who can fix the situation are telecom providers like Verizon, AT&T, Orange, and hyperscalers, like Google, Microsoft, and Amazon.
CSPs are entering into cross-partnerships with companies from various domains right now. They support healthcare, manufacturing, construction, and other industries with the advanced IoT offering. Telecom companies create a base for unifying various companies around the IoT technology, taking a crucial place in this ecosystem. This way, they spread their impact on global business development.
Meanwhile, hyperscalers work on broad hosting opportunities and robust vendor-based solutions to offer new scenarios of common IoT usage. Their leadership and achievements in IoT implementation force the demand and attention from various domains. The highly integrated solutions by these enterprises can combine brilliant ideas from several companies and turn them into an improved user experience. Each involved party will benefit from this approach.
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The ultimate goal of IoT implementation for all companies worldwide is full coverage of customer needs and ensuring an advanced experience. But yes, it's not the right time to think about the global Internet of Things opportunities since the in-house IoT mess makes them unachievable. Businesses should use the following tips and tools to overcome it.
Building of flexible strategy
The significant advantage companies have in the Internet of Things usage is their resourcefulness. Businesses are finding various scenarios to apply the technology in a way that no one else has done before. To implement IoT, a company needs a strategy.
But to do it efficiently, it needs an agile strategy, considering its strong sides and market changes. This approach to local IoT implementation will help enterprises operate on a global scale based on the same principles.
Boost connectivity
Perhaps integration remains the crucial issue here. After all, seamless IoT connections between different companies merit robust integration points and flexible, highly-scalable software. Companies should apply suitable technologies and tools to build a well-integrated in-house ecosystem. It will allow enterprises to expand it with third-party integration painlessly. We have been observing a shift of connections towards LoRaWAN and cellular LPWAN networks for several years because of their broad capabilities and strong development ecosystems.
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Cut time to market
The fast time to market is the surest way to meet customer needs on time. Furthermore, this approach significantly accelerates IoT implementation and supports moving toward cross-industrial IoT partnerships. Businesses use low code application platforms (LCAPs) to launch solutions on a tight schedule. Platforms like XME.fast code shorten the development cycle and help create the above well-integrated solution adaptable to modern technologies and third-party connections.
In other words, the sooner you complete the implementation of IoT-based software within the enterprise, the sooner you can start developing a cross-industrial IoT ecosystem.
Are you looking for a convenient environment for efficient IoT-based software development? Drop us a line to discover how the XME.fast code platform can broaden your IoT capabilities 2x faster.