The blog post is based on a part of the keynote presented by Tyson Tuttle, CEO of Silicon Labs, at 2014 IIC CEO Summit in Shanghai. At the summit, Tyson introduced Silicon Labs’ broad portfolio of low power solutions for Internet of Things (IoT) applications and how IoT will impact embedded designers and consumer markets under the title of “How the IoT Will Change Our World.”
Many electronics industry experts and leaders are proclaiming that 2014 will be “the year of the Internet of Things.”
Indeed, the IoT was a key theme and topic of presentations and keynotes at the 2014 International Consumer Electronics Show in Las Vegas back in January.
During a keynote address at CES, Cisco CEO John Chambers said that the IoT is a 19 trillion dollar opportunity in the global economy over the next decade.
We also saw a flood of IoT product announcements at CES. Samsung, LG, Sony, Garmin, Pebble and many others announced numerous connected appliances, wearables and other products – even a connected “Crock-Pot” slow cooker whose temperature and other settings can be controlled by smartphone.
One of our customers Nest Labs, the smart thermostat maker founded by key developers from Apple, was purchased by Google in January for $3.2 billion USD. This major acquisition created a lot of interest and “buzz”. Many people in the electronics industry and financial sector suddenly realized that the Internet of Things had arrived in a big way and that the IoT was taking center stage in our industry.
Clearly with all this news, the IoT industry is off and running in 2014.
The IoT is not only going to change the way we interact with the Internet, it is also going to have a significant impact on how we live our lives.
The growing number of connected devices for consumer use and business purposes will create tremendous opportunities.
For consumers, the IoT will improve quality of life by enhancing comfort, security, convenience and resource utilization. It will also deliver health and fitness benefits to help reduce medical expenses, which is a huge issue in many countries around the world.
For industry, we will see improved efficiencies and lower costs.
For semiconductor companies, the IoT opens the door to broad-based chip suppliers like Silicon Labs to expand into new embedded markets.
For the global supply chain, the IoT will provide opportunities to add value through innovative software and services designed to reduce cost and improve efficiencies.
The Internet of Things ultimately will impact a wide variety of applications, including the smart grid and smart meters, security systems, the connected home, building automation, lighting control, smart accessories and wearable computing devices such as smart watches and health and fitness trackers that connect to our handsets.
Continue to read the keynote: Internet of Things Keynote #5: The IoT Is Here Today: Smart Energy
Visit our Internet of Things page to learn more about our low power embedded solutions.