In hardware, if too much of the product has to be customized or there is too much variation, you can only win by being Oracle, charging exorbitant amounts to a small set of customers. The market in industrial IoT is not nearly so concentrated, and so the best strategy is probably to pick some lucrative subfield and expand around that. Try to make products that cover everything and you will just get killed by unit economics. But there is no gigantic, homogenous market like "all humans with a disposable income" that the iPhone got to cover, so IoT will always be somewhat competitive.