1. Vertical Expertise

One essential skill that solution providers need in order to tap into the Internet of Things is a deep knowledge of vertical markets, according to the executives at the roundtable.

Not every solution provider will bone up on every vertical, but the key is to specialize in something. "Some [solution providers] choose to only go in certain verticals," said Cisco's Shakib. "Some of them have stronger relationships in health care, so they focus on that, some of them are transportation, some of them are government, or military … you need to have the vertical expertise."

For solution providers still deciding where to place their IoT bets, Forescout's Rob Greer (pictured) said they don't have to stray far from what they already know.

"Look at your install base, see where you have been able to learn the most about those businesses, and then go work," said ForeScout's Greer.