The Chief Technology Officer of a construction materials manufacturer established a goal of generating significant revenue from a new digital business unit within five years.
Competition has been steadily increasing in the core business of a construction materials manufacturer. To sustain above-market growth and profit margins, the CTO identified Structural Health Monitoring (SHM) as a critical growth opportunity where their core domain expertise would provide a competitive advantage. Before establishing the new business unit, the CTO wanted to understand the growth potential and the competitive landscapes in the various segments that constitute the total market. This analysis would enable them to focus on pursuing higher opportunities in segments with less mature competitors.
IoT ONE worked closely with the project manager responsible for establishing this unit business unit to assess market potential, clarify technology adoption trends, and identify opportunities for new solutions and business models. Our first step was to segment the market by geography, industry, and solution category. We next mapped the current market size, medium-term growth rate, and competitive dynamics in each market segment.
This analysis was supplemented by a review of technology development and adoption trends. These trends were important since they impact the feasibility of new portfolio development and potential for traditional business processes to be transformed. Finally, we benchmarked market-leading players and technology startups to understand their business models, USPs, tech stacks, and target use cases.
- Segment the market by geography, industry, and solution category.
- Map the current market size, medium-term growth rate, and competitive dynamics in each market segment.
- Track technology development and adoption trends and assess their impact on portfolio feasibility.
- Benchmark the business models and portfolios of market-leading players and technology startups.