Quadrant Knowledge Solutions announced today that it has named Eurotech, a global company that integrates hardware, software, services and expertise to deliver building blocks for full Internet of Things solutions, as the 2020 technology leader in the SPARK Matrix analysis of the global Industrial IoT (IIoT) platforms market.
Quadrant Knowledge Solutions SPARK Matrix™: Industrial IoT (IIoT) Platforms, 2020 report examined Eurotech and sixteen other vendors by evaluating the company’s product portfolios, technology strategies, market presence, and customer value proposition. Quadrant Knowledge Solutions’ SPARK Matrix provides a snapshot of key market participants and a visual representation of their positioning, along with strategic insights on how each vendor participant ranks related to its competitors along several axis representing a range of performance parameters coinciding with technology excellence and customer impact.
Industrial Internet of Things (IIoT) platform includes an integrated software suite that helps industrial organizations to monitor, manage, and control the connected devices via applications built on the platform. IIoT platforms may provide capabilities to support various industrial use cases, including asset tracking & monitoring, predictive maintenance, operational visibility & control, and others to support the complex industrial requirements of the large asset-intensive organizations. The key functionalities of an IIoT platform include connectivity, application enablement & management, device management, data management & processing, analytics & visualization, integration, security, and user interface for users as well as developers.
Driven by the impact of Covid-19, the global economy, along with industries, is facing significant challenges and negative growth. While Covid-19 has impacted the market for IIoT platforms, overall growth outlook looks promising. Despite the economic recession and negative impact on technology investments, the IIoT platform’s market is expected to continue its growth momentum in 2020, and during the forecasted years of 2020-2025. However, the forecasted growth rate for the year 2020 is significantly lower than our last year forecast for the same year. Quadrant analysts believe that from the year 2021 onwards, the technology investments will rise again mainly driven by the pent-up demand and economic recovery for the key industrial, energy, healthcare and infrastructure market.
The IIoT platform’s research by Quadrant Knowledge Solutions highlights that a majority of the vendors often provide core functionalities for device connectivity, management, application enablement and IoT analytics, however, the breadth and depth of the capabilities may differ significantly by different vendors offerings. Users should look for comprehensive IIoT platforms capabilities to provide modern technology architecture based on open source and industry standards, comprehensive device connectivity and support for a wide range of industrial and communication protocols, edge to cloud integration, ability to provide low-code or no-code application development, and robust IoT security framework to improve the overall customer ownership experience. Users should look for their industry-specific, use-case specific and organization-specific requirements to shortlist and evaluate different providers of IIoT platforms and solutions. Users should also look for IIoT solution with a history of successful large-scale deployments and carefully analyze the existing case studies of those deployments. This should form the basis to prepare best-practice for IIoT platform deployments.
“Eurotech, with its comprehensive OT-centric approach, edge-to-cloud IoT architecture, and seamless integration with IT systems, is well-differentiated in a crowded market and is well suited for complex industrial IoT applications”, says Priyanka Jadhav, Senior Analyst at Quadrant Knowledge Solutions. “Eurotech’s differentiated value proposition includes deep OT experience and domain knowledge, focus on OT solution and IT-OT integration, based on open architecture and no-vendor lock-in, TCO-focused approach, and complete stack of OT-centric technology for a broad IoT solution portfolio, including IoT gateways, edge computers, IoT edge middleware, and IoT integration platform” adds Jadhav.
“We appreciate the excellent positioning we receive for our IoT offering from analyst companies like Quadrant Knowledge Solutions” comments Robert Andres, Chief Strategy Officer of Eurotech. “It is a great confirmation for a successful strategy that is focusing on lowering Total Cost of Ownership (TCO) and reducing significantly time-to-market for our customers and partners, by encapsulating the complexities of IIoT at the edge. It allows our customers and partners to effectively and securely integrate operational technologies assets with existing IT infrastructures, an essential element of their digital transformation journey.”