To explore strategic imperatives, growth opportunities, and best practices in the IoT ecosystem, click here.
For providers, this evolution offers new opportunities to develop more comprehensive and innovative solutions/ services, while customers stand to gain from enhanced efficiency, collaboration, and new business models. However, both must first navigate the complexities of this landscape, prioritizing the following:
- Edge computing for bringing data processing closer to the source, especially for mission critical applications in energy management, building automation, manufacturing, telehealth, and smart cities.
- AI-powered analytics to extract valuable information from vast amounts of IoT data, enabling predictive maintenance, fraud detection, and optimized resource allocation.
- IT/OT convergence for tackling barriers like compatibility issues, data privacy, and interoperability with legacy systems.
- IoT security frameworks to protect a diverse range of devices from cyberattacks, leveraging advanced encryption, device authentication, and anomaly detection.
Which IoT Growth Opportunities Are Being Unleashed by Smart Buildings and Hybrid Networks?
To guide business leaders with actionable intelligence that maximizes innovation amid this transformation, Frost & Sullivan has launched a series of Think Tanks on IoT and Edge technologies. These bring together cross-functional experts to identify new opportunities, navigate growth challenges, and implement disruptive technologies, while unlocking robust strategies for competitive differentiation. Here are some promising opportunities our recent Think Tanks have uncovered:
- Smart Buildings: As sustainability and energy efficiency become increasingly important for global enterprises, the demand for smart building solutions is rising. Consequently, building automation and intelligent building management represent lucrative growth opportunities for IoT providers and vendors across power and energy, access control, building management, and fire safety. This brings along the potential to optimize energy requirements, reduce operational costs, and improve occupant comfort and safety. Further, by integrating next-generation IoT sensors, devices, and analytics, providers are poised to supercharge real-time monitoring and automation in various building functions, such as lighting, HVAC (heating, ventilation, and air conditioning), security, and occupancy management.
- Hybrid Terrestrial and Non-Terrestrial Networks: The IoT satellite connectivity industry is expanding due to advances in low Earth orbit (LEO) mega-constellations. Consequently, LEO satellites are finding their way into innovative IoT applications, through new business models. Now, hybrid networks that combine low-power wide-area (LPWA) terrestrial and satellite technologies are enabling complex IoT applications in areas with limited cellular coverage. From improved asset tracking in remote locations and environmental monitoring in isolated regions, to disaster relief, public safety, and maritime monitoring, this convergence of hybrid networks is revolutionizing IoT connectivity. This is also helping providers address customer concerns like network scalability and increased geographical coverage.
To explore strategic imperatives, growth opportunities, and best practices in the IoT ecosystem, click here.
In conclusion, the convergence of disruptive technologies is reshaping the global IoT and Edge landscape, unlocking new growth prospects for providers and customers alike. As businesses pivot their strategies to harness these innovations, the focus on smart buildings, hybrid networks, and robust security frameworks will be key to driving efficiency, scalability, and competitive advantages for different ecosystem players.
To explore other growth opportunities in IoT and Edge technologies, click here.
