IoT solution development: Build, buy, or a bit of both?

IoT solution development: Build, buy, or a bit of both?


In short
➡️ Industrial IoT is on the way to becoming mainstream as projects are becoming more successful and common challenges are decreasing.
➡️ Companies have a choice between the Build, Buy-and-integrate, and Buy approach to IIoT solutions. Every approach has distinct advantages and disadvantages.

Why it matters
➡️For IoT adopters: The data provide considerations when deciding on the best approach for an IoT implementation project.
➡️ For IoT vendors: The data provide considerations which approach to IIoT solutions is best suited for which type of customer.

State of Industrial IoT in 2023

Industrial IoT (IIoT) in 2023 is on the way to becoming mainstream:

➡️ Two-thirds of industrial organizations reported they are executing an IoT strategy.
➡️ IoT projects have a 14% higher success rate than five years ago.
➡️ The median time for IIoT projects to break even has decreased from 24 to 20 months over the same period.
➡️ Common challenges such as budget availability, project complexity, and data management have diminished by approximately 50%.

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