Frost & Sullivan estimates in a new report that the convergence of various industries in the short term will likely spark innovation opportunities, especially in the area of connected industries.
The development will be driven in no small way by the expanded use of information and communication technologies, or ICT.
Connected industries will be a catalyst for efficiency and productivity by linking power, data and signals to enable greater automation processes, creating ‘intelligent devices,” says Nitin Bhat, a Partner at Frost & Sullivan Asia Pacific.
Key examples of industries expected to undergo ICT driven transformations include automative (connected cars), healthcare (connected health) and manufacturing (smart manufacturing), all of which will be influenced by IoT.
For example, The Internet of Things (IoT) is set to be a key area of interest for IT buyers and sellers in 2014.
Correspondingly, the explosion of IoT activity over the next few years will be driven by the nexus of low cost sensors, cloud computing, advanced data analytics and mobility.
“These include the ability to analyze and use vast amounts of data, to store data and source application functionality in/from the cloud, to create, manage and support apps that enable the operation and management of IoT implementations and to provide high speed connectivity between objects and the people, who work with them and use them,” explains Andrew Milroy, Vice President of ICT Practice at Frost & Sullivan Asia Pacific.