The Gartner Hype Cycle charts are a peek into the future. They graphically project where various technology trends are along a maturity timeline. The most recent Hype Cycle identifies several megatrends, including digital business technologies and new design and innovation approaches, such as IoT product design.
And while some of these technologies, including the Internet of Things, may take five or more years to fully deliver on their promise, industry leaders are already positioning themselves for the long-term economic benefits. The demand for innovative smart products is creating massive opportunities for existing businesses and giving rise to brand new markets and companies, with a potential economic impact of more than $10 trillion per year.
In a recent article titled Sensing the Future, Dr. Tim Saxe, CTO of QuickLogic, points out that “There are sensors in your car, in your home and all around you that improve your quality of life.” And he’s right. The coming breed of autonomous vehicles are loaded with sensors to help them navigate safely.
The upcoming IoT Tech Expo in Silicon Valley gives us the opportunity to learn about IoT technologies from a diverse group of industry leaders. For example, my colleague Vic Kulkarni will be describing how engineering simulation is critical to designing IoT products. His talk, titled “Engineering the Internet of Things,” is scheduled for 11:10 a.m. on October 21 in the Developing & Tech in the IoT track.
Moreover, I will have the privilege of being a panelist with very distinguished industry leaders from Cummins, Boeing and Thyssenkrupp. The panel on Predictive Maintenance will discuss how to harness of the power of the IoT and machine-to-machine (M2M) technologies to transform field services and asset management.
While many of us are familiar with the smart product revolution taking place in our lives – technologies to enable smarter homes and personal fitness – a greater opportunity for the IoT is within the industrial sector. In a recently published interview titled The Industrial IoT: Capturing the Potential, Mobiveil CEO Ravi Thummarukudy not only describes the benefits of industrial IoT, but also shares strategies to capitalize on the opportunity: “We’ve relied on engineering simulation for years to test the performance of our chip and board designs before licensing them to customers.”
It’s clear that engineering simulation is playing a crucial role in the development of the IoT. I invite you to learn more about the Internet of Things and the Changing Landscape of Product Design. And I look forward to seeing you in Silicon Valley at the IoT Tech Expo.