As enterprises prepare to continue investing in IoT capabilities, there is a great opportunity for solution providers to partner with software vendors that offer new innovations around device management, data analytics, and other key areas.
Research firm Stratview said the IoT software market is expected to grow from $346.6 billion in 2022 to $1.6 trillion in 2029, representing a compound annual growth rate of 24.7%.
“The software solutions market is expected to become the largest market in the IoT industry due to the automation of key processes in industries such as critical infrastructure and manufacturing,” the company said in the report.
For the 2024 IoT 50, CRN US selected the coolest and most noteworthy vendors that are innovating and making significant strides in IoT software. Here’s a description of each company, ranging from Amazon Web Services and Eigen Innovations to Radix IoT and Voxel.
Amazon Web Services
Adam Selipsky
CEO
Amazon Web Services enables enterprises to develop and manage IoT applications with new features and services that are constantly being introduced. The new capabilities include Amazon Bedrock’s generative AI service, which the Seattle-based cloud provider says can be combined with AWS IoT TwinMaker to create an AI assistant that can answer complex questions about manufacturing environments.
Innovation
Erin Barrett
CEO
Eigen Innovations is using its OneView machine vision platform to help manufacturers reduce production defects and increase revenue. Recent developments for the Canada-based company include a partnership with global plastics leader Ampacet LIAD to integrate the Spectro 4.0 color monitoring and management solution into Eigen’s platform to reduce color-based defects.
information grid
William Cowell of Grouch
Founder, CEO
Infogrid’s AI-powered smart building platform is modernizing the commercial real estate world. The company’s platform automates and optimizes facilities and building management with the goal of creating healthy, sustainable and profitable spaces. The London-based company raised $90 million in equity and another $30 million in debt financing last year and is now in expansion mode.
litmus automation
Wasal Shah
Co-Founder, CEO
Litmus Automation is helping manufacturers realize the true promise of the Internet of Things through its industrial data-centralized software platform. The Santa Clara, Calif.-based company’s expanded capabilities include the ability to create digital twins for a variety of purposes, including predictive maintenance. In addition, the company makes it easier for customers to evaluate, deploy and adopt its software platform by providing them with a self-service portal.
Microsoft
Satya Nadella
Chairman, CEO
Microsoft provides enterprises with a comprehensive set of cloud services for building and running scalable IoT applications that impact multiple industries. The Redmond, Wash.-based company’s Azure IoT portfolio includes Azure IoT Operations, a recently added service that helps enterprises digitize their physical operations and analyze the data collected by those assets to make better decision.
Onemos
Shiva Nathan
Founder, CEO
IoT software development is one use case for Onymos’ Function-as-a-Service platform, which provides a communications layer, utility feature login system, geodata services, and other features needed to build the product. Menlo Park, Calif.-based Onymos positions its platform as a cloud that connects directly to users, avoiding intermediary servers that could interfere with data access and allowing source code licensing to avoid vendor lock-in, among other benefits.
black pepper
Scott Ford
Co-Founder, CEO
Leveraging a platform-as-a-service (PaaS) offering, Pepper promises faster turnkey IoT products and a unified, cloud-based experience that works with any device and protocol. The Overland Park, Kan.-based supplier helps users with firmware and application development, custom services and device connectivity.
positive temperature coefficient
Neil Barua
President, CEO
A new CEO could mean a new vision for PTC, whose industrial IoT portfolio includes Kepware and ThingWorx. Boston-based PTC’s Kepware provides factory-wide connectivity and real-time data from industrial equipment and systems, while ThingWorx focuses on performance improvements, augmented reality experiences, mean time to repair and other measures.
Cardinal Internet of Things
Fred Dilla
CEO
Radix IoT recently revamped its cloud-native Mango infrastructure operating system to reduce bandwidth usage, enhance system performance and provide event suppression or restart persistence as part of the startup’s ongoing investment in its product portfolio. The Dallas-based vendor, founded in 2020, touts Mango as a way to derive insights from data that is scalable and without vendor lock-in. Use cases include data centers, distributed workspaces and telecommunications.
voxel
Alex Kawi Senemal
Co-Founder, CEO
Voxel’s vision is to use technology to improve workplace safety, and the startup has secured $12 million in strategic investment by the end of 2023. The San Francisco-based company, founded in 2020, said its platform reduces liability and increases productivity risks through visibility of injuries and facilities, raising issues ranging from workers not wearing hard hats to lifting in ways that could cause back pain. Object people problem.