“The International Internet of Things (IoT) industry is expected to scale up from $2.99 trillion (2014) to $8.8 trillion (2020). This translates to a Compound Annual Growth Rate (CAGR) of 19.92%”
“IoT investments by business will zoom from $215 billion (2015) to $832 billion (2020)”
These statistics prove that IoT is expected to be massive from 2019 and beyond. While a technology maturity may be many years away, it means that there is significant action happening on this front. Many companies are still coming to terms with the best way to extract maximum potential from various IoT platforms.
If you too are looking for key traits about IoT platforms that depict a well-defined platform then these golden tips will come in handy in your mission:
1 – Adaptability is the key
50% of the global IoT market is captured by two key sectors – smart cities and industrial IoT. The rest 505 is made up by other sub-sectors like connected health, smart homes, and connected cars. So when you are looking for an IoT vendor, make sure that they are able to integrate existing or third party tech stack well. It should not happen that they force you to conform to a set of IoT infrastructure they are comfortable with. Rather, they have to deploy custom solutions based on specific business use case.
2 – Network of providers
No single IoT vendor will provide truly end to end solutions – Right from enterprise applications, sensors, and actuators, to controllers and protocols, there are many touch points that need to come together seamlessly in order to deliver as per expected results. A good IoT vendor will have strategic partnerships with System Integrators (SI), technology providers, and Value-added resellers (VAR) to bridge skills and capabilities gap.
3 – Ready for the future
With the rapidly changing tech landscape, it is important that the chosen IoT vendor is equipped to deal with future demands and cope with changes in the hardware and software market. The final architecture needs to work well with any IoT platforms, device, sensor, network, or machine. Moreover, the vendor should be able to provide different engagement models– be it SaaS, PaaS, or hybrid.
4 – Modular in nature
Continuous advancement in technology means that there will always be solutions that work better than the present lot. This however, doesn’t mean that the IoT platforms will show a dip in performance. With new upgrades, the IoT deployment needs to happen quickly to prevent loss of data or erosion of data integrity needed for further analytics. This flexibility can come with an IoT architecture that is modular and nature.
5 – Reusable
For IoT vendors, the key to better business margins will be how well they are able to repackage the entire IoT platform to sell to other customers or markets. It should be equipped with pre-packaged solutions that accelerate app development and roll out private instances or multi-tenant architecture (both on-prem as well as on cloud).
6 – Quick deployment
As IoT connected devices keep on being added in the near future, it becomes important that the IoT platform delivers on the “Rapid Start for Instant IoT” maxim. This way, you can set up and connect a device to the IoT architecture in minutes. This can be facilitated by quick connection to critical apps, and set up protocols for data security and transmission.
7 – Distributed architecture
The chosen IoT platform needs to have a distributed architecture that can scale up or down depending on the existing circumstances. By configuring the platform to run on thick and thin edge devices, the endpoints like sensors and actuators can continue delivering exceptional performance over long term.
A good IoT solution also needs to make provisions for automating time-sensitive or routine responses at the edge so that real-time data capture can be a possibility. This should be supported by advanced data analytics capabilities set up in order. This prevents a data deluge and avoids being blindsided by a torrent of data rush which brings down the analytics accuracy or effectiveness.
Also Read about: The Challenge of IoT Platforms
To sign off
With these 7 tips, it becomes amply clear that the focus will be on leveraging optimum performance while keeping overheads simple and easy to monitor. These KPIs will help select the best fit IoT solution as per your exclusive business requirements.
What are your thoughts about the prevalent IoT platforms? What improvement would you love to see on these to enhance business targets for your specific use case? Do write to us and let us know.
Ashwin Patil is a passionate content marketer who writes on technology, tech trends, tech reviews. Also, I work with people, organizations and the community to deliver solutions which are driven by Big Data, Internet of Things, Machine Learning, Deep Learning & Artificial Intelligence.