The most important element of any business technology offering’s business plan is the monetization component. Simply put, nobody works for free. So understanding how an organization will recoup its time, energy, resources, and investment is core to the formula for the offering.
For those in the business of providing connected systems, comprehending and predicting what their market opportunity portends down the road is crucial. This means that knowing in advance what need your IoT solution will fill for what potential user base is critical if the offering is to resonate with the intended marketplace.
The marketplace for connected systems builders can be segmented into three distinct areas. The markets for Internet of Things solutions have clearly defined themselves at this point as, consumer, enterprise or industrial (IIoT). For user customers of solutions in these markets, there are stark differences in everything from use cases, to applications, to platforms, to existing infrastructure.