The UK government will reportedly spend an extra £45m on developing Internet of Things (IoT) technology. The pledge, made by British Prime Minister David Cameron, more than doubles the amount of IoT-related funds currently available to UK tech firms.
“I see the internet of things as a huge transformative development,” British Prime Minister David Cameron recently told CeBIT attendees in Germany in a statement quoted by the BBC. “[It is] a way of boosting productivity, of keeping us healthier, making transport more efficient, reducing energy needs [and] tackling climate change.”
As we’ve previously discussed on Bits & Pieces, the IoT is essentially a combination of multiple market segments, tens of thousands of OEMs and hundreds of thousands of products.
“It is seen by many as the next wave of dramatic market growth for semiconductors. If you look at the different estimates made by market analysts, the IoT market will be worth trillions of dollars to a variety of industries from the consumer to financial, industrial, white goods and other market segments,” Dr. Reza Kazerounian, Senior VP and GM of the Microcontroller Business Unit at Atmel, recently told EEWeb.
“Companies that provide cloud-based services, service providers and semiconductor companies will also benefit from this market. The number of small or new companies that are showcasing connective devices has increased – there will be 50 billion connected devices by 2020. These nodes will have characteristics such as low-power embedded processing, a human-machine interface and connectivity.”
Interested in learning more about the IoT? You can check out previous Bits & Pieces articles on the subject here.