The IoT has afflicted the world in every area of life. It has made a lot of directions for the people. The companies that have not acquired IoT in their business are working on it and will use it in the future for their business extension. IoT has attached multiple physical appliances on the Internet to exchange data under the IoT platforms. The data is stored in the Cloud. Although all the growth and popularity, IoT faces challenges in growing more under IoT solutions.
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The primary challenges of IoT are:
Even with IoT’s immense usage and growth, it still faces resolved issues. These issues are as follows:
- Technological issues
- Challenges in business
- Society challenges
Connectivity: This section will cover all the issues IoT needs to overcome related to technology. IoT has the following technological problems:
IoT appliances work established on client-server construction, where every device is attached to a consolidated cloud server under the IoT platforms. All the actions are taken place with this construction. Only thousands of devices are linked to a server, so the association is enough for these appliances under IoT solutions. But as you know that IoT is enhancing day by day. And it has been forecasted that billions of devices will connect to the Internet in the coming years under the IoT platforms.
Security: IoT is fronting severe security issues that prove destructive and alarming for the public and administration who have adopted the technology under the IoT platforms. The hackers have an approach to the smart devices and are altering their commands under IoT solutions.
The future of IoT is at risk due to this problem. It is a significant objection that IoT companies must overcome to get a bright future and raise the technology more and more under the IoT platforms.
Objections in Business:
Nowadays, more people are coming to spend and start their businesses in IoT. It is because it is trending and changing the lives of the people. It also has a bright future, so it is a hot field for people under the IoT platforms.
IoT is facing many societal issues proving to be a big challenge.
Top IoT challenges product leaders face:
Measuring my IoT Solution
I have to acknowledge that having scalability ranked as the #1 IoT challenge surprised me. I didn’t expect that. On the other hand, this is a positive gesture of where the business is today. Five years ago, the top IoT objection was making the solution or getting your first consumers. It shows that companies are getting better absorption with early adopters and are now ready to measure under the IoT platforms.
To do so, you must have product-market fit – meaning a lack of reliability might be just a symptom of the general issue, not the source. Also, more than half of applicants with scalability issues didn’t mark product-market fit as a challenge under IoT solutions.
Here are some of the reasons applicants gave for the reliability challenge:
- Deficiency of an enterprise sales team that can fix new deals.
- Disordered with marketing in conveying the value of our solution to consumers.
- Industrial IoT formation takes too long.
Making money with IoT
Making money with IoT continues to be challenging for companies of all types. Although it was #2 on the record for startups and big companies, I saw more importance from startups than big industries.
I acknowledge why startups have a short runway; if they can’t make money soon, they will go out of a trade. That usually is not true with big industries. But the deficiency of urgency from big companies is pertaining.
Here are some of the elements respondents offered for the “making money” dispute:
- Unable to measure and therefore not able to gain economies of scale
- The charge of building an IoT solution is too high
- Finding the suitable business model
- The customer’s willingness to pay is small compared to the price of the solution
Finding product-market fit
Finding product-market fit is the core authority of any Product Leader. As seen in the survey, it’s still one of the biggest challenges we face in IoT.
Some survey responses indicate that companies still consider IoT a horizontal solution across many verticals instead of focusing on specific industries under the IoT platforms. It is more common in large companies than startups, but disputes are still visible across all company types under IoT solutions.
Some of the applicant’s challenges around product-market fit involve:
- Require deep customization for each consumer
- Adversity explaining the value of the IoT solution to the customer
- Adversity mapping the ecosystem of partners
Additionally, a few other issues continuously came up. Here are those issues, in no particular order.
Security was a popular reaction, mentioned as a challenging company that didn’t know how to tackle, as cost-prohibitive, or as hurting adoption due to consumer belief under the IoT platforms. The IoT industry has made significant development on this topic.
The requirement for precise technology levels came up at specific times under IoT solutions. Because of connectivity requirements, electric power inconsistency between countries, or even how “levels” change too immediately and make existing components outdated, companies complain that it’s too difficult to put together a solution that works globally under the IoT platforms.