McKinsey, in its study on the IoT market, estimated the potential economic impact of IoT to reach $11.1 trillion per year by 2025, ahead of other disruptive technologies like mobile Internet, knowledge-work automation, cloud computing and advanced robotics. And, in order to get value from IoT, McKinsey recommends having a platform on which to create and manage applications, to run analytics, and to store and secure your data. In fact, a well-designed IoT platform can help accelerate development of IoT applications.
What is IoT Platform?
An IoT platform is a commercial software product that combines connectivity capabilities, management of IoT endpoints, ingestion of data, visualization tools and IoT apps.
However, choosing the right platform can be quite a daunting task considering the bewildering choice of IoT platforms available in the market. According to a study done by research firm, IoT Analytics, there were a total of 450 IoT Platform companies worldwide in 2017, up from 260 in 2015.
Besides being diverse, crowded and highly competitive, the IoT platform landscape can be quite confusing for enterprises and CIOs to get their heads around. There are platforms of all shapes and sizes, platforms for specific industries, platforms focused on certain functions, platforms that differ by technology depth and technology implementation offering, and even platforms focusing on specific types of devices. If this is not bewildering enough, then there is dealing with partial technology stacks claiming to be IoT platforms and tall vendor claims on platform capabilities. On top of that, many of the platforms are relatively new and still under development.
Top Five IoT Platform Vendors
AWS – AWS IoT
GE – Predix
IBM – IoT Watson Platform
Microsoft – Azure IoT Suite
PTC – ThingWorx
Even though the IoT platform market will eventually move towards consolidation as a result of M&A and exit by those vendors unable to keep up with the growing competition, the wide array of choice and complexities involved call for a thorough and well researched approach to choosing an IoT platform.
So, how do CIOs go about choosing the right IoT platform for their business, considering there is is no one-size-fits-all platform for every application.
In the below mentioned infographic, McKinsey has detailed out a list of 10 questions that CIOs should be asking before choosing an IoT Platform. However, before getting down to these questions, its imperative to first understand what’s your IoT strategy and identifying the business problems that you are trying to solve.
Source: McKinsey & Company – Making sense of Internet of Things platforms
(Image Courtesy: www.iot-analytics.com)