What’s new with the Internet of Things?
Adoption of the Internet of Things is proceeding more slowly than expected, but semiconductor companies can help accelerate growth through new technologies and business models.
Niccolò Machiavelli, one of history’s great futurists, might have predicted the Internet of Things (IoT) when he wrote, “There is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things.” The IoT’s early innovators, who have grappled with mixed overall demand, a lack of consistent standards, and other challenges, would agree that their road has been difficult. But, like other visionaries before them, they have persisted in establishing a new order because they see the promise ahead.
Both consumers and the media are fascinated by IoT innovations that have already hit the market. These “smart” devices have sensors that communicate seamlessly over the Internet with other devices or the cloud, generating data that make the world safer, more productive, and healthier. In just a few years, some IoT devices have become standard, including thermostats that automatically adjust the temperature and production-line sensors that inform workshop supervisors of machine condition. Now innovators want to enable more sophisticated IoT technologies for self-driving cars, drone-delivery services, and other advanced applications. Read more
Mark Patel, Jason Shangkuan, and Christopher Thomas - McKinsey and Company - May 2017