Challenges With IoT Product Launches: Why Time-To-Market Has Increased 80% In 4 Years
IoT Analytics, Thursday, April 25th, 2024
In 2023, OEM time to market for connected products-from project kick-off to the first paying customer-averaged 41 months, an 80% climb since 2020, according to the 206-page IoT Commercialization & Business Model Adoption Report 2024.
Though this appears counterintuitive given advances in IoT technology, increased market knowledge, and a decreased historical learning curve, the research identified four factors contributing to this increase in OEM time to market:
- Product complexity
- Regulatory hurdles
- Higher security scrutiny
- More advanced use cases
Why it matters
Understanding the complexities of getting products to market for OEMs and setting realistic expectations are crucial for the success of the IoT-connected products market.