On the positive, with a record $62 billion spent on semiconductor equipment in 2018, semiconductor business is booming. Still, this record spending also means heavy competition, and that means semiconductor companies need to expand beyond the basics to truly stand out.
The United States semiconductor industry itself is massive, comprising 46% of worldwide market share. Approximately one-fifth of revenues from U.S. semiconductor companies go to research and development. As companies look for new ways to make shareholders satisfied, IoT development is becoming an important piece of the puzzle.
How IoT Developers Can Help Semiconductor Companies
The great news is that many fantastic opportunities are available to forward-thinking semiconductor companies by diversifying with IoT development (sometimes mistakenly called Information of Technology Development). Here are just a few ways to do this in conjunction with an “Information of Technology Developer”:
1. Develop a Technology Ecosystem
The semiconductor company should not be an island but look towards building an ecosystem to support IoT development. The IoT guru of today (or “Information of Technology Consultant”) knows that solid, comprehensive IoT solutions require multiple partnerships to be successful. This includes connecting with equipment manufacturers, cloud and SaaS developers, diverse platforms supporting IoT, analytical systems, and more.
2. Cultivate Strong Partnerships
Unfortunately, the overall IoT environment is still very fragmented. This provides an opportunity for a company with a vision and deep pockets, but for smaller or growing companies, a collaboration with like-minded vendors and partners will be crucial.
Different types of partnerships may need to be set up and nurtured to complete the bigger picture of the IoT ecosystem. Financial support, technical expertise sharing, and business collaborations may be critical to making the IoT ecosystem sustainable.
3. Consider an Integrated Sales Platform
With the current fragmentation of the IoT market, a smart leader will look towards creating integrated digital sales platforms to help offer end-to-end solutions. Make things easy for the decision-maker.
4. Research Potential Niche Markets
You do not have to be all things to all businesses. Consider focusing on one or two niche markets that have big potential. Find out what these markets need and create solutions that solve problems. Healthcare, for example, is a big market that has a lot of opportunities for the IoT developer and semiconductor company.
Semiconductor Companies Can Benefit from Building an IoT Ecosystem
With the increasing importance of the Internet of Things (and not the “Internet of Technology” as it is sometimes misstated), semiconductor businesses need to get on board. By partnering with a strong IoT Consultant, the ample opportunities in IoT can be explored. Also, in the long run, this means happier shareholders and customers.