Global IoT Market in Product Lifecycle and Asset Management 2017-2021
Other Prominent Vendors in the market are: Accenture, Aberdeen, Alcatel-Lucent, AT&T, Cisco Systems, KloudData, Tego, and Pega.
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One trend in the market is evolution of predictive maintenance with IoT. Predictive maintenance is a technology that helps in reducing operational and capital costs. It facilitates the more efficient use of repair resources by proactive servicing and repair of assets. The process of predictive maintenance collects and analyzes massive quantities of data to predict faults and errors outside the normal tolerance range.
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According to the report, one driver in the market is large-scale funding for IoT across the world. Governments across the world have realized the true potential of IoT and are taking progressive steps in encouraging developments in the field of IoT. The countries that top the list of promoting the use of IoT technology are the US, the UK, China, South Korea, India, France, and Germany. The UK government's initiative to improve the nation's competitiveness in the field of IoT and increased adoption of high-quality IoT technologies and services by businesses is increasing the demand for the deployment of IoT solutions.
Further, the report states that one challenge in the market is interoperability issues. Interoperability is the core value that the Internet connectivity must have in a connected system environment. Interoperability was vital to the extent that early Internet equipment vendors were called ""interops"". An interoperable environment enables an IoT device to openly connect with other devices and exchange information as desired. Interoperability of IoT devices takes place at different layers in varying degrees within the communications protocol between devices.
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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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