As the potential of the Internet of Things (IoT) market skyrockets to an estimated $2 trillion to $14 trillion, many entrepreneurs and businesses are eager to venture into the IoT realm. However, before jumping onto the IoT bandwagon and investing millions in the business, it is crucial to understand where you fit into the IoT value chain. To navigate this exciting landscape, we can look at three essential players in the IoT ecosystem: Enablers, Engagers, and Enhancers.
1) Enablers: The Foundation of IoT
Enablers play a fundamental role in the IoT ecosystem. Enablers develop and implement the underlying technology and build and maintain the IoT infrastructure that enables other players to develop their connected services. Without Enablers, collecting sensor data and building the foundation for IoT would not be possible.
2) Engagers: Bridging IoT and the Market
Engagers are the link between IoT and the market. These companies design, create, integrate, and deliver IoT services to customers. They use the endpoint, hub, platform, and service offerings created by Enablers to produce services for consumers and businesses. They bring the IoT solutions to the forefront and directly interact with end-users, making IoT accessible and valuable to the market.
3) Enhancers: Adding Value and Insight
Enhancers provide value-added services on top of Engagers’ offerings. These companies reframe and repackage the products and services of the Engagers, extracting value from the data, relationships, and insights generated from IoT devices and activity. They are focused on creating advanced analytics and AI-driven solutions to analyze the data collected from sensors more profoundly.
Moving Up the IoT Value Chain
It all begins with the Enablers, laying the foundation for IoT by developing the necessary technology and infrastructure. Once the groundwork is set, the Engagers come into play, designing and delivering IoT services to the market, focusing on efficiency and cost-saving solutions. The Enhancers then take the baton, adding value through advanced analytics, AI, and machine learning, unlocking valuable insights from aggregated sensor data.
The Power of IoT Insights
The true power of IoT lies in the insights it can provide. As we move forward and aggregate sensor data from various devices, the potential for valuable insights grows exponentially. With advanced analytics and AI capabilities, IoT Enhancers will be able to harness the full potential of IoT data, offering transformative and innovative solutions.
Are You Ready to Embrace IoT?
To tap into the IoT business, it is essential to identify where you fit in the IoT value chain. Whether you are an Enabler, Engager, or Enhancer, understanding your role and contribution will help you harness the full potential of IoT’s vast market. As IoT continues to evolve and reach new heights, the opportunities for innovation and growth are limitless. Embrace IoT, and be part of the revolution that is shaping the future of technology and business.
