Going Toe To Toe: IoT Contenders Compete In Quickly Shifting Conditions

Going Toe To Toe: IoT Contenders Compete In Quickly Shifting Conditions

The ever-expanding IoT market has in recent years undergone some drastic character changes, much like a prizefighter beefing up for a big bout. In the one corner we have the current world heavyweight, the Data Defender. They are facing off against the newcomer, The AI Advancer, undefeated in asset monitoring with a thirst for automation. And both sides are ready to rumble.

Verdantix recently examined 40 solution providers – including heavy hitters Schneider Electric, Honeywell and Johnson Controls, and up-and-comers to the market – in its Buyer’s Guide for smart building IoT platforms.  We pulled up a ringside seat to review the latest product enhancements, software launches and key industry trends. Vendors are challenging each other pound for pound, propelled by customer demand for open platforms that incorporate advanced analytics and automated reporting.

Open software squared off against closed platforms – limited to a single provider’s vision and roadmap – and came out as the champions. A majority of our providers delivered some form of openness: open-source, open standards and open data. The term is now synonymous with improved interoperability, flexibility and third-party integration.

Vendors can beat competitors to the punch by delivering smart building suites that support multi-protocol and multi-network connectivity with open APIs. Otherwise, they risk a stinging haymaker from products that do allow customers to customize solutions, extend capabilities and scale to suit their organization.

Data might be king of the ring but actionable insights are the undisputed victors. Solutions that focus on descriptive, diagnostic, and predictive analytics have a clear advantage over those centering primarily on data collection.

End-users value IoT platforms that ingest large data sets and perform analysis to find meaningful connections between data and building performance. Customers want a cash cow and solution providers must demonstrate their product’s ability to turn data into effective actions and create a clear path to ROI.

In this rapidly evolving market, multiple IoT contenders have enhanced their capabilities, such as by incorporating predictive technologies, digital twins and automation supported by AI. Providers have also aligned with current buyer demands and launched new modules concentrated on ESG reporting and occupant health and wellbeing. Vendors can remain on top of the podium by staying abreast of the latest IoT trends and updating their products accordingly.

The final piece of advice from Verdantix to vendors competing in the ring: take inspiration from Muhammad Ali (with a dash of poetic license) “Float like a butterfly. Sting like a bee. You can't hit your targets without IOT”. 

Read our related research for more insights on IoT platforms for smart buildings: Buyer’s Guide: Smart Building IoT Platforms (2022).

Any thoughts or feedback on this blog? Get in touch with us by emailing [email protected].