In Australia, the Knowledge Economy Institute (KEi) has been formed to help the country explore IoT. The institute aims to harness the transformative power of data and digital technology to allow people to make better decisions based on cutting-edge research and real-time information. Australia's telecommunications industry body, Communications Alliance, has also formed an IoT think tank to cope with the growth trajectory of IoT and its predicted pervasive influence over Australia's telecommunications industry.
What kind of businesses will be most affected by IoT? Will it affect SME businesses significantly?
The IoT will bring disruption to businesses across almost every vertical- BFSI, Retail, FMCG, Manufacturing, Healthcare, Automotive and the list goes on. The important factor to consider is which of these businesses will reap the benefits first. Connected machines offer organisations with greater automation, efficiency, and safety. This means that the manufacturing sector will stand to benefit the most where sensors monitor production lines and eliminate human error.
Of course, SMEs will be equally affected as well, if not more, by IoT. IoT offers them opportunities to reduce costs and provide faster turnaround rates, both of which are more critical to smaller businesses. In some APAC markets such as Malaysia, SMEs make up a large share of the nation's businesses, highlighting the importance of using connected devices to streamline their operations. In Singapore, the SME sector is an important pillar of the economy as well. They contribute more than 50 percent of economic output and 70 percent of employment. To help this important group cope, the Singapore government has rolled out a new initiative under SPRING's Partnerships for Capability Transformation (PACT) programme that will enable SMEs to get support in developing products and services in IoT.
Given the rapid growth of IoT market, it is expected that businesses around the board will be affected in one way or another, SMEs included. As such, governmental support is extremely crucial in establishing an ecosystem of businesses and companies that are capable of harnessing the power of IoT to order to improve their competitiveness.
What role will a company like yours play in the IoT landscape?
IoT driven services and devices generates massive amounts of data. This information is often shared with other partners within the ecosystem, who in turn use it to create new insights. With such high volume of data, it is crucial for IoT initiatives to be supported by a tailored data centre strategy that provides flexibility, scalability, security, availability and connectivity. Here at Digital Realty, we work with companies that are involved in the IoT space to ensure that they have the right infrastructure and appropriate data centre strategy in place.
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