The burgeoning Internet of Things (IoT market), which will make the everyday, inanimate objects we use ‘smart’ through internet connectivity, has a good chance to become the way of the future and is forecast to be valued in trillions of dollars. When it comes to Panorama Synergy’s potential and the future of MEMS sensors, we know it makes sense to be smart.
With the broad applications of our technologies, we have identified food and agriculture, defence and industrial processes as priority markets for the revolutionary benefits the technologies can deliver. There are also opportunities in consumer markets that will initially be serviced by manufacturers of ‘gimmick’ products that will be at a low price point but will deliver inferior quality results.
Think farmers in the field, able to make a quick decision from the real-time analysis of crops and livestock that can boost yields and lower production costs.
Think military personnel, able to better detect hazardous substances on a hand-held or mobile device that empowers them to make fast decisions that can save lives.
Think plant managers, able to analyse the composition of materials in production and obtain real-time feedback that can improve process control and keep the wheels of industry turning. Or employees equipped with wearable sensors that can detect and alert them to hazardous chemical leaks.
Our innovative technologies provide decision-making advantages in real-time. This competitive edge elevates Panorama Synergy above our competitors.
Are the LumiMEMS™ sensor and our micro spectroscopy technology complementary?
Yes, the two technologies are complementary. Spectroscopy is a different science and can detect a different set of things to interaction-based sensing approaches.
By having both technologies, we can address a very broad range of things that can be sensed, in the field.
Spectroscopy is MEMS-based, similar in that sense to the LumiMEMS™ technology – meaning we can make them the size of a microchip. We could essentially put a LumiMEMS™- based sensor and spectrometer into the same little device and have one device that can sense a wide range of things.
This would more than double the size of the market Panorama Synergy addresses and is an extension of being a MEMS-based sensor company. The possibilities are truly exciting. The third wave of growth is expected to come from connecting everyday items or objects to the internet and creating an Internet of Things (IoT). The IoT is connecting previously unconnected items in homes, manufacturing floors, energy grids, healthcare facilities and transportation networks, to name a few, to the internet.
This push to smart devices will improve the efficiency and practicality of such objects and portrays a massive future for the IoT market. This market is already significant and growing at a spectacular rate.
Currently estimated to be valued at US$1.9 trillion1, the growth forecast in IoT is set to be unparalleled in scale, with CISCO and International Data Corporation predicting the market globally will be a combined US$7.1 trillion in 2020 – a growth greater than 25% annually1.
Smart devices can help us build a connected world and provide solutions far greater than we ever dreamed.
1 CISCO and International Data Corporation forecast
What is the Internet of Things?
IoT is the term used to describe a development of the internet which will see everyday objects have network connectivity, allowing them to send and receive data. In other words, objects can be embedded and integrated with MEMS sensors and interact with the external environment where they will gather data, speak to and understand one another.
IoT involves developing everyday objects with network connectivity, similar to how smartphones are connected to the internet. It’ s said that demand for MEMS technology will increase substantially as the number of connected devices increases.
Most of the world’s currently 1.75 billion smartphones connect to the internet at least once a day. The estimated number of devices that can be equipped with MEMS sensors and connected to the internet is difficult to calculate with any level of confidence, but estimated potential devices vary between 50 billion to 1 trillion that may be connected. This staggering number includes but is not limited to smartphones, tablets, PCs, cars, fridges, thermostats, medical equipment, watches, sprinklers and any other ‘connectable’ device.
“The Internet of Things revolves around increased machine-to-machine communication; it’s built on cloud computing and networks of data-gathering sensors; it’s mobile, virtual, and instantaneous connection; and they say it’s going to make everything in our lives from streetlights to seaports ‘smart’.” www.wired.com/insights/2014
“ Imagine a factory where every machine, every room, feeds back information to solve problems on the production line. Imagine a hotel room (like the ones at the Aria in Las Vegas) where the lights, the stereo, and the window shade are not just controlled from a central station but adjust to your preferences before you even walk in. Think of a gym where the machines know your workout as soon as you arrive, or a medical device that can point toward the closest defibrillator when you have a heart attack. Consider a hybrid car—like the new Ford Fusion—that can maximize energy efficiency by drawing down the battery as it nears a charging station.” wired.com/2013/05/internet-of-things-2