Choosing the Right Platform for the Industrial IoT

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Some time in the near future, it will become clear which of the many IoT suppliers will profit the most from the rapid development. The current Bain brief "Choosing the Right Platform for the Industrial IoT" reveals that most companies interested in the Internet of Things have yet to decide on a partner. According to the survey of some 500 industrial customers and 150 technology suppliers, more than 60 percent of those interested are currently still discussing their plans for this next-generation area. However, the timeframe for choosing the supplier is tight: in 2020, more than 60 percent of firms will already have started first implementations of IoT solutions, with some 20 percent then installing the systems throughout the companies. By no later than 2025, nearly all investment decisions will have been made.

Many hurdles still to be cleared

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Companies still need to clear many hurdles as they enter the IoT age. They are concerned about the safety of the systems and apprehensive about installing the new software into their existing technological world. Many also question whether they really do have a business advantage to be gained from this complex and expensive project.

Faced with these concerns, particularly the major IoT pioneers are experiencing problems satisfying their customers with comprehensive solutions. "All the suppliers are announcing extensive IoT platforms, but the response of potential customers differs very greatly", says Bain technology expert Hans Joachim Heider. Smaller niche suppliers with specialized applications are often more successful than the big players that are investing billions in their IoT solutions."

Nonetheless, the industrial giants in particular have good chances of gaining a foothold in the booming IoT market. After all, companies like Siemens, Bosch or GE are trusted by their customers. Now it is vital for them to join forces with the right partners offering cloud services, network services or data analysis software. But while doing this they should also consider smaller suppliers or start-ups. At the same time they must set clear priorities and aggressively market their offers.

Click here to download the study.