Need components to create IoT devices? IodParts at your service!
We all know IoT i.e. Internet of Things is a prodigious and stupendous concept. Since the market of IoT is growing immensely, it’s assumed that by 2022, a family of 4 will have on an average 50 IoT products. If we follow this data, huge number of electronic components will be in demand to manufacture and procure IoT devices. These components will have a higher chance of getting out of stock. Also if the estimated demand increases, the price will raise according to rules of microeconomics, the products in high demand are having high prices. For those manufactures that specialize in military and medical, obsolete parts are hard to find already. With the impact of IoT there are likely to be more obsolete parts challenges in the market. IoT startups will face these problems often and may turn to brokers which is indeed a wrong decision. Since IoT has all new concepts, the components needed might be of new technology and rare. Taking help of brokers possess risk and can be very expensive. To overcome these problems, device manufacturers can use platforms like IodParts, Verical, Oemsecrets.
In the concept of IoT huge number of innovative products and a large number of companies are entering into it. Many companies are seeing great opportunities in IoT which includes LG, Nest, Apple, etc big brands. They are putting IoT at the top of priority list and have launched new product lines for IoT. By 2020, IoT initiatives are projected to increase the services business (40.3%). According to TCS Survey 79% of enterprises surveyed have IoT initiatives in place today to better understand customers, products, locations in which they do business with customers or their supply chains. Manufacturers expect internet of things to drive an average 27.1% revenue increase by 2018.
IoT device makers can find Components for procurement of products on IodParts. IodParts is an Electronic Component Marketplace where you can find component parts with part numbers. It is easy to access.