The Next Generation of Connected IoT
Today, technical advancements such as lower-power chips, better connectivity, advanced artificial intelligence (AI) and machine learning (ML) are opening up Internet of Things use cases. (IoT) new. Applications in healthcare, manufacturing, and transportation are taking off.
A McKinsey report predicts that by 2030, IoT products and services will generate between $5.5 trillion and $12.6 trillion in value. However, IoT solutions come with complexity. These range from developing sensors that provide secure cloud connectivity to generating insights for end users. Semiconductor shortages and supply chain disruptions caused by the coronavirus pandemic continue to affect suppliers and manufacturers. Different ecosystems, IPs, technologies and standards have made today’s world of connected devices unfortunately fragmented and cumbersome. And developing simple, safe products continues to be a challenge.
To realize the future promise of IoT, industry leaders must agree on standards by which to align manufacturers and device manufacturers. Manufacturers of IoT products, software, hardware, and chips—whether they’re partners or competitors—will need to collaborate to create new features, products, and innovations and deliver them. to market faster.
IoT Growth Driver
Industry, business, and consumer needs are driving IoT innovation: as technological advances open up new use cases, several key industries are driving the growth of connected devices. connect. For example, factories and human health will account for 36% to 40% of the estimated unlock value by 2030, according to McKinsey.
Innovations in the four IoT-enabled technologies—chips, connectivity, security, and artificial intelligence—are helping to reduce costs and lead to better devices.
Smaller, more efficient wireless processors and components will enable connected devices to penetrate deeper into key markets, such as consumer appliances, cars and vehicles , manufacturing and industry as well as human health. Improved networks lead to more reliable connections, opening the door to applications that were not possible before.
As interconnected devices prove their worth, demand will explode. Rob Conant, vice president of software ecosystem at Infineon, which provides software solutions and semiconductors to IoT companies, describes the spread of IoT applications from industry to industry, from fleet tracking in the 1980s, to industrial manufacturing and smart grids in the 1990s and 2000s. He sees the contagion continuing across many different businesses:
“Connectivity is being extended to more and more applications: pool pumps are being connected, light bulbs are being connected, even furniture is being connected,” he said. “So all of a sudden, companies that aren’t traditional tech companies are becoming tech companies because of the value propositions they can bring with IoT. It was a huge transformation in those businesses.”
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