2020 Hit Industrial IoT Hard, But Growth Will Return
It’s not an understatement that 2020 has been a mixed bag for the industrial IoT world, with some companies slowing down spending while others ramp up digital transformation initiatives.
Research firm IDC said the coronavirus pandemic has significantly impacted demand for IoT solutions overall, with growth slowing down for discrete manufacturing, oil and gas, and transportation in particular. However, IDC expects these industries to go from mid-single-digit growth this year to double-digit growth over the next few years.
[Related: The 10 Coolest IoT Startups Of 2020 ]
“COVID-19 adds a new force shaping IoT maturity evolution as the companies have been forced to adjust their technology roadmaps in response to the crisis,” said Svetlana Khimina, senior research analyst with IDC‘s Customer Insights & Analysis group, in a statement. “It may further widen the divide between the two types of IoT adopters – determined advanced users and those who were struggling to understand ROI and monetize their IoT initiatives and to go beyond mere data collection.
“The second group will likely postpone their IoT investment, not seeing clear benefits in the near and long terms, and fall further behind, while others will leverage their IoT expertise focusing on the use cases that will help them secure a more advanced position in the next normal,” Khimina added.
This means industrial IoT startups still have opportunities, but they will need to figure out which companies and organizations belong in each group and approach them accordingly with IoT solutions that can help them manage, analyze and secure their IoT devices.
What follows are the 10 coolest IoT startups of 2020, and they range in capabilities and focus, from data integrity solutions and IoT connectivity platforms to analytics and computing software.