The IoT is fragmented
The accelerated development of existing and new IoT solutions, whether for asset tracking, smart logistics, fleet management, environmental monitoring, etc. has led to a scattered ecosystem of disconnected solutions. Making these solutions work together is highly complex and results in highly-coupled and inflexible integrations. For many, investing in IoT technologies has been synonym to long return on investment (ROI). A general skepticism on the IoT is growing with it. Those who do undertake its challenges end-up learning the hard way: taking IoT solutions from prototype to production is hard.
- 76% of IoT Projects Fail
- 1/3 of IoT Adopters Claim They Struggle
- 700+ IoT Platforms and Counting
- 12+ Billion IoT Devices and Counting
Well, those are some serious facts. Despite steady growth of the IoT ecosystem, IoT adopters face several serious challenges that could eventually lead to higher cost, time and effort down the road. These issues are rooted in a broader problematic, the lack of interoperability of the Internet of Things.
Major problems of the booming IoT ecosystem include
As of today, there are around 700+ different IoT platforms, each offering similar solutions to similar problems. These platforms are usually disconnected from each other. Integrating them is hard, sometimes not even possible. This results in IoT assets being unable to easily, or better yet natively, intercommunicate with one another, resulting in limited scalability and integration capabilities.
Companies putting-in the effort to develop IoT solutions now, loose flexibility for their future. Vendor-specific technologies lock adopters into proprietary technologies, strangling IoT efforts for the long run. Growth potential is limited to the selected technologies, preventing IoT adopters to adapt by using other ones as they grow or see fit.
At the applications level, end-users lack a platform that unifies their underlying IoT solutions stack, regardless of the selected technologies and infrastructure. Because of this, most IoT solutions remain unexploited of their full potential. When it comes to value generation, trying to do so at the IoT level, for the disconnected pieces, becomes unmanageable. Users require a single, unified interface at the software layer, closer to them, to reduce integration efforts and enhance overall data usability, shareability and observability.
High Cost, Slow ROI
Adoption and integration of IoT technologies come with heavy price tags and are tied to a slow ROI. Failure to reach this stage ends up eventually scaring technology adopters, slowing down further innovation, integration and productivity. Skepticism in the IoT grows alongside its ecosystem, hampering IoT projects into still-stand and eventual failure.
The IoT market continues to grow at an accelerated rate. The COVID pandemic has been an eye-opener for organizations as to how technologies can help us stay productive. Furthermore, remote work has opened new possibilities and accelerated the need for connectivity and observability, demanding better solutions for data usability and shareability.
We encourage you to check out how Netzo helps organizations gain full control of their underlying IoT stack, optimize their processes and streamline information to the hands of decision-makers.