The Internet of Things (LoT) is likely to boom in 2020 when more than fifty billion devices are possibly connected to it. But will this complex ecosystem grow and thrive? Are there companies that will lead others? Big corporations are not yet dominant in this intricate system. Furthermore, challenges and opportunities that new players would face within LoT are still unknown.
All the same, there are five things to expect:
1. Fragmentation- When a new ecosystem (like Lot) is about to evolve, most participants have a tendency to give end-to-end solutions. They fragment the market into multiple distinct sections. This was seen when IBM, Digital Equipment, and ICU (International Computers Ltd.) joined the early software development ecosystem.
2. Partnerships- There is a risk of failure if a particular small-scale player in the LoT system decides to pursue just one platform. On the contrary, if they participate in a few platforms, they could strain their resources. So forming partnerships with large firms for quick recognition will probably make sense to new players.
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3. Giants outside LoT might become Giants in LoT- Samsung, Alphabet, and Apple companies are not LoT players yet because of their general recognition they might enter and lead. This, however, does not kick out start-up businesses as they serve customers better than larger incumbent companies.
4. Infrastructure is a priority- LoT is ever monitoring the surroundings and conveying data across networks. Hence, builders of infrastructure will either create low-energy devices or better connectivity devices. SIGFOX, PTC, ARM, and Qualcomm are already doing this.
5. Application Program Interfaces (APIs)- These were not there in the days of early software development. A platform vendor who will provide APIs to track customer behaviors will get ahead of rivals.
Feature photo: blog.csiro.au