Seventy-five percent of IoT projects are not fully successful due to a number of factors, including a mismatch in preparedness and the targeted time to market (TTM). As per Beecham Research, IoT projects deserve a more mature strategic roadmap to fill the gaps at various stages of their development life cycle.
Although new entrants in the business benefit from the already tested market scope, they still face issues while keeping the TTM in control.
The challenge with the IoT market is that consumer demand outpaces enterprise readiness to produce at the same scale. Brands commit their arrival to consumers and stakeholders but lack the vertical accuracy to build a stronger foundation. Consequently, ROI suffers. Mckinsey found that for an average product, a delay in the launch by more than six months results in 33% less profit. Imagine the fate of IoT products that sway in development for years!