To address this challenge, suppliers are leveraging ecosystem partnerships to provide end-users with a one-stop-shop portfolio of hardware, software, and services. These emerging IoT Marketplaces not only simplify IoT solution creation and adoption, but they also facilitate supplier and buyer interactions ultimately creating open networks that encourage innovation.
"The IoT supplier landscape is scattered right now with a diverse array of companies offering a myriad of complex components and solutions," says Ryan Harbison, Research Analyst at ABI Research. "IoT Marketplaces, are a response to this complexity designed to reduce the friction buyers face when adopting and implementing IoT solutions."
ABI Research finds that to reduce the friction that enterprise developers encounter when developing IoT solutions, IoT Marketplaces need to effectively address all components of the IoT value chain. While some IoT Marketplaces currently offer all solution components, many do not have comprehensive offerings. Suppliers are currently working to formalize and expand marketplace offerings and in some cases, integrate them with resources and programs already in place to fully leverage existing relationships.
"IoT Marketplaces allow suppliers to build an IoT offering centered around their core offerings," continues Harbison. "These marketplaces are particularly effective when they are built around a single connection point, such as a platform or gateway, because that simplifies the work enterprise developers need to do on both the front and back end."