How IoT Is Changing the Face of Innovation

Connected Device Manufacturing Requires Controlled and Collaborative Product Development

The Internet of Things is Accelerating Product Innovation

Internet of Things - Innovation

The pace of introducing Internet of Things (IoT) products and capabilities has been increasing rapidly. More and more companies are looking for new ways to connect devices, data, and people to provide valuable insights to consumers and manufacturers alike. IoT devices are internet-connected devices that send and acquire data from surrounding environments using sensors and other types of communication. There are a variety of predictions about the growth of IoT devices and revenue. Transforma Insights estimates that the number of IoT devices will grow to 24.1 billion by 2030. And revenue will increase to $1.5 trillion by 2030.1

The Internet of Things (IoT) Market 2019-2030

The Internet of Things Market 2019-2030

The proliferation of IoT devices spans consumer electronics, automotive, medical devices, and many other types of products. Household appliances, drones, and cars are among some of the most popular types of devices that can communicate with, and about, customers and their usage habits or behaviors. The manufacturing industry also leverages Industrial Internet of Things (IIoT) to help analyze and drive improvements with efficiency of equipment and manufacturing processes.

The underpinnings of IoT devices include sensors, software, and electronics. This results in more sophisticated designs and products that require seamless interoperability to work well. When you consider the thousands of components and electronics that make up any given product—and the complex distributed supply chains required to source and build those—it’s not hard to see how communication mistakes can occur as engineering, quality, procurement, manufacturing, and suppliers try to design, test, build, and deliver new products across states, countries, or continents.

As the volume of new IoT development increases, product launch failure rates for these products have increased to close to 75% according to Deloitte and Cisco.2 This puts hundreds of billions of dollars at risk for electronics manufacturers. With such high failure rates, companies that develop IoT products should consider these key questions:

  • How can you manage your design and development processes or products better?
  • Where can you use IoT for remote operation and management of assets and data?
  • How can you extend the value of existing products with the IoT?
  • What product development solutions will help you design and deliver high-quality products ahead of your competitors?
  • How can you increase visibility to all internal teams and suppliers to collaborate fast and effectively?

In this Arena white paper, we explore how IoT is changing the face of innovation and product development.