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The Internet Of Things drives economic growth

Saturday 19th September 2015

IoT Electronics

The Internet of things, or IoT, is driving semiconductor manufacturing at a faster rate than any previous technological revolution. Just last year the 2020 IoT Economy was estimated at $1T. This year, it has doubled to $2T. Here are some facts I’ve gathered about this industry.

 

  • 2014 – $180B in revenue
  • Today €“ more machines online than people
  • 2020 – $2T in revenue (eg. > Aus GDP Today)
  • Affects every economic sector
  • Peak growth year is projected to be 2016
  • Largest growth industry in history
  • Compound growth > 15% per annum

 

Why I am interested is that we design products that fit this category, and like any business owner, I want to understand where the market is going and what new opportunities I should be taking advantage of. As an electronics engineer I am interested in the technology itself and what design skills are needed to work with it.

 

It has become so important it has its own term, IoT Economy.

 

According to BI Intelligence IoT Report, within 2 years the number of new electronics devices manufactured for the Internet of Things will exceed all other sectors combined!

 

IoT Growth Projections graph

IoT Growth Projections

 IoT  Growth

So we are looking at the fastest economic growth trend ever for electronics. And there are several good reasons for this:

 

  • It is an essential enabling technology for Industry 4.0
  • Semiconductor device unit cost has been falling for decades
  • Processor computational power has been rising
  • Communications cost is falling
  • Power consumption is falling

 

This combination allows low cost, low power, communicating devices to be everywhere. In just 1 year, the projected growth doubled from $1T in 2020 to $2T in 2020.

 

Electronics Design for the IoT

I’ve shown an example of one driving force for IoT Growth and that is low power IoT Remote Telemetry. The Electronics Design required for this is something we are now doing every single day. Of the 20 projects we are working on right now, half of them are for the Internet of Things. In the photograph below which was taken for some for some PR for the City of Casey, every single award was for design of a device or the web services needed to support devices for the Internet of Things.

 

IoT Awards Successful Endveavours - Internet of Things

IoT Awards Successful Endveavours

Above you can see some of our team. The certificates they are holding are from the past 14 weeks starting with the National Manufacturing Week Endeavour Awards from the end of May.  So this is also our biggest growth area.

 

Successful Endeavours specialise in Electronics Design and Embedded Software Development. Ray Keefe has developed market leading electronics products in Australia for nearly 30 years. This post is Copyright © 2015 Successful Endeavours Pty Ltd.

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