Frost & Sullivan reveals participants with single complementing competencies will join forces to protect market share and boost customer value.
Coupled with rapidly advancing Internet of Things (IoT) techniques, IoT platforms are set to create new business models aimed at enhanced connectivity, control and convergence.
Businesses are now racing to convert raw machine and process data into actionable and useful insights in real-time. IoT platforms are at the core of this revolution, providing users with the flexibility and tools needed to develop application-centric functions unique to each industry.
Frost & Sullivan Industrial Automation and Process Control Senior Research Analyst Sharmila Annaswamy, said:
“The IIoT ecosystem is rapidly evolving, and will witness acquisitions and collaborations on a large scale to close capability gaps. While major industrial participants with IT-OT expertise are leading the revolution, participants with single complementing competencies will join forces to protect market share and boost their customer value propositions.”
Four key industry trends in IIoT platforms:
- Industry inclination towards self-service models is expected to advance Application Programming Interface (APIs) modules to the center of industrial IoT strategies;
- Open cloud developer platforms such as Predix DOJO that allow collaboration between industry experts and in-house software developers is expected to accelerate proof-of-concept modeling for customers;
- Satellite-based LPWAN technologies are expected to overpower cellular-based network technologies such as LTE-M,NB-IoT, and strengthen IoT use-cases for global asset tracking in oil and gas, and transportation; and
- Artificial Intelligence engines and cognitive capabilities will soon become a hygiene factor in IIoT platforms primarily driven by the need to surpass the competition and boost solution performance.
“As factories and enterprises move toward a multi-cloud model, IoT platform providers will have to adopt automated load-balancing strategies to allow multi-cloud data transfers and elevate application performance across distinct cloud platforms”, noted Annaswamy.