The Internet of Things (IoT) is more than the newest buzzphrase. It's set to transform the electronics industry, from what products consumers use to how those products get made.
“Vast innovation in the Internet of Things space is being driven by range of people from large multinationals to small groups of engineers in a garage,” Pete Hutton, executive vice president of ARM and president of its products group, said in his keynote speech at the ARM TechCon 2014 conference this week in Santa Clara, Calif. “That will create lots of opportunities and massive volumes of data rippling through both network and infrastructure.”
If estimates are true, the market is huge — and getting larger every day. In fact, Gartner forecasts that the IoT will have 26 billion units installed by 2020. By that time, IoT product and service suppliers will generate incremental revenue exceeding $300 billion, mostly in services, the market research firm predicted. International Data Corp. (IDC) sees even higher figures. In a recent report, the firm said the worldwide market for IoT solutions will grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.
The infographic below from Aria outlines the evolution of the IoT revolution from early stages into its future. What do you think is on the horizon? What does the electronics supply chain need to do to get ready for the demand? Let us know in the comments section below.
— Hailey Lynne McKeefry, Editor in Chief, EBN