Consumer Electronics and IOT

A Growing Opportunity with New Challenges

A Growing Opportunity with New Challenges

The Internet of Things (IoT) is an expanding market, with global adoption steadily increasing. While large enterprises were the first to embrace IoT, new advancements in sensor and connectivity technologies, along with the rollout of 5G, are making it more accessible and beneficial for companies of all sizes. The opportunity for growth is significant, especially for small and mid-sized businesses.

Overcoming Development Hurdles

Despite this potential, businesses face major challenges in IoT development. A significant barrier is the lack of internal expertise. Many traditional products, such as vacuum cleaners, now require advanced software, sensor integration, and connectivity, demanding a new set of skills that most companies don’t have in-house. A 2018 Forbes survey found that 90% of businesses reported a lack of IoT skills was a major obstacle to successful implementation.

MGT capabilities:

Accelerate Innovation with Precision Machining

Our Expertise: The Complexities of IoT Integration

Delivering value from IoT also comes with technical complexities. The IoT technology stack, which includes devices, connectivity, and cloud computing, can be difficult to integrate with existing legacy systems. Furthermore, the expansion of IoT devices creates new network endpoints, introducing significant security vulnerabilities that require careful management.

MGT Technologies: Navigating the IoT Landscape

  • IoT Market Growth: Global adoption of IoT is steadily increasing, with new technologies making it more accessible to companies of all sizes, especially small to mid-sized enterprises.
  • Skill Gaps: Businesses face significant challenges in IoT development due to a lack of in-house expertise, as traditional products now require complex software, sensors, and connectivity solutions.
  • Integration Complexities: Integrating new IoT devices with existing legacy systems can be a major hurdle, creating confusion and interoperability issues within a network.
  • Security Risks: The introduction of new IoT devices expands a company’s network, increasing vulnerability and raising new security concerns that need to be addressed.
  • High Development Costs: The traditional process for developing connected products is often lengthy, expensive, and high-risk, making it difficult to demonstrate a clear return on investment (ROI).
  • Enabling Platforms: IoT enablement platforms offer a solution by helping companies test, build, and scale their product ideas more quickly and with less risk, providing a faster path to market.

A Solution for Faster IoT Development

The traditional development process for connected products is often lengthy, costly, and high-risk. Without a clear path to proving return on investment (ROI), getting organizational buy-in can be difficult. This is where IoT enablement platforms become essential. They allow you to test, build, and scale your product ideas quickly and reliably, helping you to capitalize on the IoT opportunity with less risk.