With the advancement of the world towards digitization, the need for faster & smaller has amplified. Over the years, with development, products around us are evolving drastically.
What is it that connects different devices around us? What is it that helps operate products around us from the convenience of our mobile phones and laptops? What makes our devices smarter?
Internet of Things – IoT!!
The Internet of Things refers to electronic devices that are able to connect to the Internet and share information in the form of data and control with other Internet enabled devices.Developments in sensors and connectivity, combined with data and analytics is opening new opportunities for innovative products and services and to increase the operational efficiency for Industries and Consumers.
It has been predicted that;
- By 2025, there will be more than 21 billion IoT devices across the globe
- IoT devices will not only be used by consumers, but also companies
- 5G networks will propagate the growth of IoT tremendously
All in all, we can expect smart homes, smart cars, smart cities
IoT’s impact is much higher as compared to that predicated by early IOT business models. In many cases it has been almost transformative and leading to new business horizons and business models.
Product connectivity and sensor augmentation allows companies to envision and launch completely new products and services. Digitizing operations offers the potential for swift improvements in quality, productivity, and safety. Industries can capture this value by creating new revenue streams by providing connected solutions and services to consumers and enterprises and by reducing operational cost. Much of the IoT data currently captured is under leveraged which requires an integrated approach to create new insights and business models to unlock real value of IoT investments.
Capability buildup in below areas is of paramount importance to build a successful IOT Strategy:
- Integrating new IOT solutions into existing business work flows (existing process or existing network with legacy aspects)
- Extracting data from Sensors and Machines
- Managing Data and Analytical modeling
- Identifying use cases and applications
- End-to-End prototyping of connected products
This is where Millennium Semiconductors partner with you from designing solutions to catering to your complete BOM; we are a one stop solution! Our strong technical team of 25+ are well versed with the latest technologies & development and dedicated to ensure your success. Authorized distributor of 60+ suppliers, a full-fledged technical lab, state of the art warehouses, huge quantities of available stock; Millennium Semiconductors is one of the leaders in electronic component distribution space.