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Survey of Product Developers Reveals Increasing Importance of IoT in Bringing New Technologies to Market

December 19, 2018

PHOENIX--(BUSINESS WIRE)--Dec 19, 2018--Internet of Things (IoT) and sensor technology experienced remarkable double-digit growth in 2018, yet security for IoT continues to be the greatest challenge for electronic product developers to overcome, according to new research from Avnet (Nasdaq:  AVT ), a leading global technology solutions provider.

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Infographic depicts the future of hardware through the eyes of element14 and Hackster.io community members who participated in a recent Avnet survey about bringing new products to market. (Graphic: Business Wire)

For this latest Product Developer Index, the company surveyed 1,190 members of the 1.3 million strong Hackster.io and element14 engineering communities to understand where they are focusing their development efforts, what the challenges are, and what has changed over the past year.

According to 61 percent of respondents, IoT and sensors are the most important technologies for products they’re designing today. IoT products saw the most significant growth in importance, up 14 percent from last year, followed closely by drones and robotics projects, which were up 8 percent. More than a quarter of developers (26 percent) also note that IoT is the most improved technology of 2018, followed closely by artificial intelligence (AI) at 25 percent.

“Developers have more access to resources and communities like ours, and this is helping accelerate the pace of bringing new products to market,” said Dayna Badhorn, vice president of emerging business, Avnet. “IoT and sensors are leading the way in importance and impacting the design process. But survey respondents also noted these are the most underrated technologies when it comes to innovation, signaling that IoT and sensors will have an even greater impact as developers engage partners to help them take their ideas from prototype to production.”

Challenges Persist Despite the robust growth of innovation last year, developers are facing greater challenges in certain areas, the research revealed. According to respondents, the most difficult elements of product development are identifying the best technology to use in their designs (26 percent), as well as obtaining product certification (22 percent). The most challenging aspect of bringing products to market is obtaining financing for development (34 percent).

Developers believe that security remains the biggest technological hurdle in IoT deployment (81 percent). Time is the greatest hindrance, respondents say overwhelmingly. They also say that cost is the biggest challenge in moving from design to manufacturing.

However, developers saw some improvements over the past year. When asked what phase of product development has become easier, 58 percent pointed to developing and testing prototypes, which is up 17 percent from the year prior. Developers also found improvements in the process of identifying the best source for technologies (up 9 percent) and scaling production (up 16 percent).

Partner Support Abounds The survey also revealed interesting trends toward finding new partnerships and collaborations for development. More than a third (37 percent) of developers have sought a partner to help them bring a product to market. When looking for that potential partner, several qualities stand out. Developers said that they lean toward those who have a strong track record in their industry (49 percent), can offer strong technical support (43 percent), or are a result of a personal relationship or recommendation (39 percent).

An overwhelming majority of developers (76 percent) prefer having the flexibility to select and choose vendors based on market needs and expertise.

“These trends suggest that having one partner who can offer critical design, development and manufacturing capabilities can be invaluable to the go-to-market strategy,” Badhorn added. “At this time of rapid innovation, developers seek the best of both worlds -- a comprehensive ecosystem that allows for the flexibility and options developers desire, with the streamlined support and cost benefit of a single partner.”

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All brands and trade names are trademarks or registered trademarks, and are the properties of their respective owners. Avnet disclaims any proprietary interest in marks other than its own.

About Avnet Avnet is a global technology solutions provider with an extensive ecosystem delivering design, product, marketing and supply chain expertise for customers at every stage of the product lifecycle. We transform ideas into intelligent solutions, reducing the time, cost and complexities of bringing products to market. For nearly a century, Avnet has helped its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at  www.avnet.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181219005528/en/

CONTACT: Avnet

Maureen O’Leary, 480-643-7499

Maureen.OLeary@avnet.com

or

Brodeur Partners, for Avnet

Jamie Ernst, 480-308-0286

jernst@brodeur.com

KEYWORD: UNITED STATES NORTH AMERICA ARIZONA

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT ELECTRONIC DESIGN AUTOMATION HARDWARE NETWORKS SOFTWARE SECURITY SEMICONDUCTOR COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS

SOURCE: Avnet

Copyright Business Wire 2018.

PUB: 12/19/2018 11:06 AM/DISC: 12/19/2018 11:06 AM

http://www.businesswire.com/news/home/20181219005528/en

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