Are We Ready to Embrace the Future of IoT?
By Kai Fai Ng, president, SEMI Southeast Asia
Why companies need to embrace this change early or risk being sidelined
Smart technology and connectively are increasingly pervasive in our lives, with devices we use to make our lives faster, easier, and more efficient. Consumer products such as smartphones, smart cars and wearable technology are just a small part of how the Internet of Things (IoT) is quickly becoming widespread, with the demand set to grow exponentially.
Let’s take the car industry for example. As green sustainability policies are increasingly important to consumer choices and brand preference, manufacturers drive greener development with better (and alternative) fuel efficiency, intuitive connectivity, and of course, greater safety. Manufacturers are looking into new-product innovations and technologies that fulfill these requirements, such as the wide bandgap technologies like silicon carbide, connectivity that improves advanced driver assistance systems (ADAS), and vehicle-to-vehicle and vehicle-to-infrastructure (V2X) communications.
From what I’ve seen, IoT has rapidly changed business models and work processes across a vast number of industries, not just automotive, but from electronics to healthcare. The sector most impacted by this revolutionary technology is the manufacturing sector. Manufacturers have already started using IoT solutions to improve the efficiency and productivity of manufacturing operations such as tracking assets in their factories, consolidating their control rooms, and increasing their analytics functionality through predictive maintenance. I believe that soon manufacturers will implement more complex IoT technologies such as autonomous robots, augmented reality (AR) tools, and data mining for real-time optimization as what is now known Smart Manufacturing or Industry 4.0. This segment is featured prominently at this year SEMICON Southeast Asia 2017 at the Future Electronics Manufacturing forum and exhibitions.
Malaysia is definitely gearing up to capitalise on this technological revolution as it rolled out the National IoT Strategic Roadmap not long ago. The country expects that the implementation of IoT would contribute RM9.5 billion to the country’s gross national income (GNI) by 2020, and RM42.5 billion by 2025. Recognisiton of the business potential of IoT resonates within the region. Case in point would be the recent Singapore budget announcement with government commitment of an additional $500 million to the National Research Foundation towards innovation research into IoT.
The rapid expansion of IoT presents a unique opportunity to grow businesses. I strongly urge manufactures to keep pace with the rapid demand and growth in the market, as evolution tells us that only the fittest will survive. Embracing change early will definitely advance the long-term survival and sustainability of businesses and manufacturers.
Learn more about the Internet of Things and the new technologies that will shape our future! Attend SEMICON Southeast Asia 2017, held in Penang from 25 to 27 April 2017.
March 7, 2017