International research firm releases new report examining IoT strategies for key European companies
Parks Associates today released a new report showing that despite an initially conservative approach to IoT opportunities, many different types of EU companies are now pioneering approaches and introducing beneficial IoT use cases for their customers. According to IoT Connectivity in Europe: Value of Connected Products, companies in this space across the globe are exploring strategies to overcome market inhibitors and realize the opportunities emerging from the power of connectivity.
“Some European companies have been hesitant to jump into the IoT space due to their sense that this area suffers from overhype and gadgetry,” said Tricia Parks, Founder, President, and CEO, Parks Associates. “That view held some truth; however, the environment is changing. Early activity and accompanying success by EU companies as diverse as Assa Abloy, Miele, and Somfy are clearly visible. Meanwhile, global giants such as Samsung, Amazon, Apple, Google, and Microsoft are taking vigorous action to spur the marketplace.”
Parks Associates notes that while connected products have not achieved critical mass in Europe, introductions of connected products with previously unavailable benefits are occurring with increasing frequency. Consumers are taking notice. The firm notes that the IoT global phenomenon is inevitable so companies learning how to navigate now, during a time of experimentation, are ahead of the curve.
“Introductions like Ikea’s lighting system provide an alternative to popular innovator Philips Hue, which increases competition and eventually lowers prices. Amazon’s Echo Show, Tap, and Alexa are paving the way for smart product control and access by voice control, while connecting traditional products such as smart video doorbells, shutters, and door locks add functions such as remote access, control, alerts, and cameras,” Parks said.
IoT Connectivity in Europe: Value of Connected Productsanalyzes the necessary elements of IoT product and service strategies. The report provides deep profiles of 11 different types of EU companies, including INWIDO, Nespresso, Somfy, Miele, Securitas, Assa Abloy, Verisure, Philips Hue, Gardena, Bundles, and Hive. The profiles examine how these companies are addressing strategies for smart home products and services with the goal of providing a structured approach for a company developing an IoT strategy.
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