The combined markets of the Internet of Things will grow to about $520 billion in 2021, more than double the $235 billion spent in 2017. Analytics is a key battleground across the enterprise and industrial segments, as customers look to derive value from IoT data streams. Cloud service providers have emerged as influential vendors in the IoT analytics space, but their broad focus leaves opportunities for other providers to serve specific industries. Many deployments today are custom, but providers should work with partners to develop more turnkey solutions that integrate easily into customers’ technology systems.
Ann Bosche is a partner with Bain & Company in San Francisco, and David Crawford and Michael Schallehn are partners in the Silicon Valley office. Darren Jackson is a Bain partner in Los Angeles, and Christopher Schorling is a partner in Frankfurt. All five work with Bain’s Global Technology practice.
Vendors can improve the market by addressing customer concerns over security, integration and returns on investment.