You cannot monitor a new and growing market, much more susceptible to changes than the established one, without much more refined tools and close, timely analysis. Most of the Internet of Things promoters, if not all, deal with objects based on data collected by well-devised grids of sensors, that enable precise communication between machines. Oddly, similar subsystems are still underdeveloped in the field of mutual interaction between the very entrepreneurs.
Sharing the same spirit for business ventures and adventures in conquering the market of the Internet of Things, the innovators should show a stronger sense of communion. We have seen just too many promising startups closing the production, just for the lack of support. In the growing market, the competition seems to be even harsher than for the well-developed products traditionally in demand. But some of that occurrences most certainly may be attributed to the lack of overall research. Such research would provide potential investors with plausible reasons for keeping the products in the market for more extended periods, giving them more time and chance to prove as worthy investments.
Nevertheless, there are steps taken in the right direction.
The initiators and innovators have sensed that they must act on multiple levels, at least on the main two:
- the platform level,
- the level of applications.
They have also sensed the need to provoke and stimulate multiple processes of integration, firstly, on both levels, and then dispersed throughout each particular one. The self-regulation delegated to the customers to buy whatever suits their current needs, and producers to offer their products likewise, cannot meet the present requirements of the market. As mainly led down the untrodden paths, these processes are too complex to be left to the proverbial invisible hand of the market.
Development of various pieces of API (Application Programming Interface) is recognized as highly generative means in synchronizing different IoT platforms, emphasizes Rabih Nassar, from Scriptr, an IoT solutions company.
The goal is to make IoT contributions more accessible to non-expert users. The example given by Nassar is taking more and more root in the everyday life of the modern developed cities. If a person lives in a smart building, they can have a single phone application unifying all commands for entrances, garage door, lighting, and temperature. The goal is to develop the applications to such a level that they can be widely used.
As to be fair to the venturers and contributors to the Internet-of-Things sector, one must admit, their tasks are immense. As if they are matching the potential contribution to the new evolving world in the ongoing technological revolution. It seems that they should put in only so much effort on their own, to finally draw the attention of the reputable economic analysts. In that sense, more extensive research, coming from experienced practitioners, would be quite useful for all the participants in the IoT market. For now, it seems like the IoT devotees are bound to stand a further test of time.
We advocate that it is high time to provide the Internet of Things market and all its contributors with well-deserved and respectful analyses, at least in order to preserve innovative projects through the earliest and most vulnerable stages of their development.