Description

The Internet of Things (IoT) is a complex ecosystem that integrates Information Technology (IT) with Operational Technology (OT) to generate data that can be analysed to increase revenues and improve business productivity. The IoT has moved from the machine-to-machine (M2M) era in which monitoring an asset was the main objective to sensing, gathering data, monitoring, and controlling spaces and conditions of those spaces. Frost & Sullivan research underlines that the adoption of the IoT impacts every economic sector and living environment--from smart city to manufacturing, from healthcare delivery services to retailers.

However, the IoT vision has not yet reached its potential. The ambitious objective of the IoT is to predict conditions and situations, prescribe solutions, and automate processes. To achieve this, the IoT has to solve issues such as security, interoperability, and trust and identity. It must increase the level of data readiness in organisations, boost the level of machine intelligence, and strike the optimum balance between the edge and the cloud.

To face these challenges, emerging technologies such as distributed ledger technologies (DLT) and artificial intelligence (AI) are increasingly necessary. Therefore, the landscape of players involved in IoT projects should expand to encompass providers of emerging technologies. A new era of convergence has started--the convergence between the IoT and AI.

Predicting undesirable conditions and being able to prescribe solutions to avoid those situations is a powerful combination for optimising processes, reducing resource consumption, improving human resource contribution to enterprise processes, and stimulating innovation in organisations. AI is suited to supporting these requirements. Currently, ,machine learning (ML) is being applied in IoT contexts. Research reveals that strongly process-oriented sectors are more receptive of the convergence IoT-AI. Several activities and projects are happening in manufacturing (Industrial Internet), oil & gas, and mining.

The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyses hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognised as best practice recipients.

Author: Adrian Drozd