As IT directors look to help their organizations and employees benefit from a powerful and compelling Internet of Things (IoT) environment in the workplace, they do so with a healthy skepticism.
They are myriad products in the highly competitive IoT market, creating challenges when it comes to choosing the right solution path for an organization and vetting individual solutions before introducing them to the network.
Related: IoT Impact on the Enterprise
If you’re a glass-half-full type, however, the competitive landscape which is also highly fragmented with intense in-fighting between market vendors may be a good thing for IT directors charged with making tech purchasing decisions for their organizations, according to a report by Transparency Market Research (TMR).
The report contends that competition among the players is expected to rise further due to continuous technological innovations in the field. The result is expected to fuel the emergence of new product developers, aggravating the market competition.
More intense market competition is usually a good thing for consumers. In this case, that’s you. So in what ways can IoT in-fighting benefit IT directors?
Improved Data Monitoring
In its report, TMR explains that vendors operating in the global IoT device management market are faced with the emergence of novel innovations, such as improved efficiency of data monitoring mechanisms in the industry. This is impelling enterprise to focus on better and advanced product portfolios in order to combat the competition and gain better market share.
Related: IoT Impact on the Classroom
Key strategies of market players undertaken to gain advantage over their competitors include collaborations, acquisition of existing players, and establishment of standardized protocol.
It lists some of the leading innovators in the global IoT device management market, including:
- Microsoft Corporation
- ARM Ltd.
- Robert Bosch GmbH
- Intel Corporation
You’ve heard of those.
IoT Device Management Market Will Grow
TMR projects that the global IoT device management market will rise at a 31.5 percent CAGR over the forecast period of 2017 to 2025. The Asia Pacific regional market is prognosticated to rise at a robust 33.4 percent CAGR over the forecast period. Among the segment of organizational size, the segment of large enterprises held the prominent market share in 2016, and the trend is expected to continue over the coming years.
IoT Will Boost Other Vendors, Too
According to TMR, benefits of in-fighting among IoT providers also touch non-IoT vendors in a good way. It says the manufacturing industry is being revolutionized with the introduction of internet of things in the process. That’s a good thing for IT directors.
Enabling IoT in smart manufacturing practices enables complete visibility in processes, resource management, assets and products, according to the report.
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Inculcation of IoT in smart manufacturing provides a way to gather intelligent data from systems which is then combined with contextual information. IoT enables remote monitoring and process management of this data, while allowing change of production plans in real time. This not only speeds up the production process, but also enhances product quality and speed, and at the same time reduces wastage. Connected smart systems are able to feed relevant data to manufacturing systems, allowing the real time detection and fixation of process steps. Thus, the manufacturing industry is rapidly adopting smart practices and enabling IoT in the same, which is a key factor propelling the global IoT device management market.
It Puts Microscope on IT Security Concerns
TMR adds that adoption of connected devices not only enable managed services, resulting in enabling companies to focus more on core business operations, but also offers real time analytics, remote monitoring, network bandwidth management, security solutions and data management. Among these, data security is a factor that is expected to be exploited by several of the vendors.
Not only companies implementing IoT connected devices, but the users too are increasingly demanding enhanced security of their data.