IoT Global Market Access: Massive Growth Potential by Accessing Global Markets
IoT (Internet of Things) startups, healthcare businesses, communication firms, or any other business/startup that have a hardware wireless products are seeking to bring their electrical and electronic products to the global market face lots of challenges in dealing with compliance requirements with technical regulations, country standards, and industry rules. These three forces will impose a lot of challenges when it comes to the design and launching of IoT products in global international markets.
In addition to different national standards across countries and regions, IoT firms need to be aware of the regulations for each country or region they want to access. Some countries and influences impose specific technical restrictions such as product testing, certification, and freight inspection requirements. In addition, the complex regulatory framework in some countries is constantly being updated and expanded. This will trigger a whole new set of tests and certification on an ongoing basis.
Global Market Access can provide a framework and set of processes for companies to be able to understand and benefit from these regulatory compliance requirements in terms of every country, industry-standard or type approval.
The reason that your business, either startup or an established firm, need Global Market Access framework is to deal with the complexity of changing regulations in different countries, dealing with certification requirements from different standard bodies such as Bluetooth, WiFi, LTE (4G), 5G, ZigBee etc. and also type approvals. This is a huge task in front of any business that wants to launch new products to new markets and scale their business faster.
There is no doubt that launching non-compliant products in IoT or healthcare can cause revenue-loss, delays in product offering, re-work from product design and implementation and also in some extreme cases will cause damage to the brand.
In order to have a successful international launch or expanding in new markets, companies need to have close relationships with the body of regulations, different labs and also standard technology certificate providers to have all these elements together, plus having a sound and clear branding, marketing and sales strategy aligned with the target market trends.
As you can see, this is not an easy task. However, with applying the right framework and proven strategies, this is achievable.
You can achieve this goal in two ways. Either to build an in-house team of compliance experts so they can work through the hurdles of expanding to new markets. This approach is very effective for enterprise large establish businesses that have a clear growth strategy and proven successful product launches in the past.
On the other side, for new and startup businesses, especially in IoT space, the best approach will be to discuss your growth strategy with a team of an external consultants to come up with a tailored strategy and solution to unlock different markets based on your priorities.
This way you are minimizing the risk of failure and maximizing the potential gain in your business. In other words: Success!