The Internet of Things was the center of attention at the IoT Platform Conference at ZVEI in Frankfurt. One question in particular was discussed among the participants: How do I find the right platform for my business?
The IoT platform plays a decisive role for all companies on their way to Industry 4.0. It is one of the key technologies for networking machines, developing smart devices and planning intelligent production processes.
At the conference in Frankfurt am Main, companies such as Lufthansa, Festo and Trumpf presented their experience using IoT platforms. Device Insight was also in on the action. In his presentation, Paul Martin Halm, Head of Product Management at Device Insight, showed how the IoT platform CENTERSIGHT can lead to a successful IoT project through speed and custom-fit, scalable solutions.
It is no coincidence that so many companies are currently dealing with this topic. IoT platforms form the basis for the implementation of Industry 4.0 and IoT projects. Accordingly, the market research institute IoT Analytics anticipates an annual market growth of 40 percent for industrial IoT platforms in the coming years. Today, IoT platforms already generate annual revenues of 1.6 billion dollars. A growing trend.
The IoT Analytics satisfaction survey presented at the conference illustrates the benefits that platform technology has for companies: The study shows that IoT platforms generate a significant return on investment (ROI), especially if they have been thoroughly tested in a dedicated test environment before implementation. Security, scalability and added value are the decisive factors when deciding on an IoT platform.
Within the scope of the study, IoT Analytics asked for the most important decisive criteria for companies when selecting an IoT platform:
The subject of data security is a central factor for companies. Accordingly, an IoT platform must ensure that targets and security gaps are minimized through appropriate features such as end-to-end encryption. It is therefore essential that you evaluate the safety risks when selecting an IoT platform.
The functional scope of an IoT platform must grow with a company’s requirements: The added value of a platform increases with the duration of its use. Take a look into the future: What should the platform be able to do today, and in five years’ time?
Price-performance ratio and ROI:
As is so often the case, a fast return on investment plays a major role in the decision for an IoT platform as moving to the platform must of course also be economically worthwhile. Fast ROI is made possible above all by shortening the time-to-market and thus generating faster added value for an IoT project. Don’t reinvent the wheel, rely on proven standards and ready-to-use functions for your platform.
The majority of companies rely on specialized IoT platform providers instead of developing the platform themselves. Accordingly, fast and simple support by the service provider is important. Support with a personal and at best regional contact person should be available at all times to provide advice on application questions and problems.
To deliver significant value, a platform must be able to connect multiple machines, sensors and assets, regardless of communication protocol or manufacturer. You should therefore rely on an platform that offers the necessary flexibility.