In a fast-evolving tech landscape, the Internet of Things (IoT) has become a game-changer for enterprises. But enterprise needs stretch far beyond connectivity alone. While they are using IoT for business advantage, their plans and priorities also span adjacent technologies such as cloud, edge processing, AI and digital twins. Their focus is on enhancing customer experiences, improving workflows, achieving digital transformation, and saving costs.
But for suppliers, barriers to entry have diminished leading to intensifying competitive pressure, reducing prices, and consolidation in the market.
In the face of these market dynamics, TecFutures has identified four key strategies issues that IoT connectivity providers need to adopt in order to thrive in a highly competitive market where even survival could well be an issues.
1. Increase your Understanding of Market Dynamics
Forecasts provide a direction of travel. Previous forecasts may not allow for recent rapid market consolidation. We are at 13bn IoT devices with much scope for further growth.
2. Let Innovation drive Growth
Leverage adjacent technologies to be ready for the next wave of growth, and suppliers should ensure they have their marketing channels in place to address these.
3. Choose where to Compete
The enterprise IoT market is made up of many vertical and application sectors. Some of these are more highly developed than others. Choosing your markets carefully is key built on understanding market opportunity and risk.
4. Focus on Value beyond Connectivity
CSPs in the IoT ecosystem must adapt to the changing landscape. They can no longer rely solely on offering connectivity services. Instead, they need to expand their portfolios and focus on adding value to enterprises.
Beyond simple connectivity, enterprises require a wide range of supporting services which include security, analytics, management platforms, real time billing and global connectivity.
In the evolving landscape of enterprise IoT, success lies in the ability to adapt and innovate.
To delve deeper into these strategies and unlock the full potential of enterprise IoT, download the free TecFutures report on "Unlocking Value in Enterprise IoT" https://www.tecfutures.com/unlocking-value-in-enterprise-iot and explore other available reports and research perspective blogs on our website www.tecfutures.com.
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