Sunday, 26 October 2014
Internet of Things could Generate Millions for Irish Economy in Coming Years
The market for products and services related to the Internet of Things (IoT) will be worth an estimated €5.5 trillion globally between now and 2020. That’s according to Silicon Republic, Ireland’s learning technology news site, which today (24.10.14) held its annual Innovation Ireland Forum at the Guinness Storehouse in Dublin.
The Forum brought together almost 200 senior academics, entrepreneurs and industry leaders to discuss Ireland’s future policies and practices when it comes to enabling innovation. The potential the Internet of Things offers for Irish businesses was a key focus of the event, in addition to topics such as innovation for an ageing population and next-wave analytics.
Addressing the Forum, Ann O’Dea, co-founder and CEO of Silicon Republic, said: “The market related to the Internet of Things was valued at €473 million last year alone, and will be worth an estimated €5.5 trillion between now and 2020. So there really is a strong economic imperative for businesses to get to grasps with these technologies.
“However, there isn’t widespread understanding of what the Internet of Things means, and of its implications not only for business but for society at large. There is a fear that IoT could lead to some ‘Big Brother’ type world, where your every move is monitored for sinister purposes. And it is indeed crucial that the security and privacy issue are tackled, if there is to be uptake of the technologies associated with IoT. However, these technologies also offer phenomenal potential in terms of addressing major global challenges, such as climate change; healthcare and independence for an ageing population; and more liveable cities.”
The Internet of Things Explained
In his keynote presentation at the Innovation Ireland Forum, Intel’s Philip Moynagh set out to demistfy the Internet of Things, explaining: “The first internet revolution was about the Internet of Screens, where we connected to the internet via our screens, whether they be desktop PCs, laptops, smart phones or event televisions.
“The second internet revolution will be all about using sensors to connect the everyday physical objects around us to the internet – classrooms, household appliances, cars, traffic management systems. Just imagine how powerful that could be.”
Mr. Moynagh was one of three Irish people to be appointed Vice-President atIntel in May of this year, with responsibility for heading up the chip giant’s Internet of Things group. Earlier this year, Intel committed to turning Dublin into the world’s very first Internet of Things city, deploying sensors to help manage areas such as the environment, energy and traffic.
Other leading international and local innovation, research and tech experts also spoke at the Innovation Ireland Forum, including Mark Castleman, Entrepreneur-in-Residence with Bell Labs, one of the world’s leading research institutions. Mr. Castleman launched a new innovation programme, ‘Impact@BellLabs’, at the event. The programme is aimed at sharing the technological innovation expertise of Bell Labs more broadly with universities, start-ups and enterprises in Ireland and globally.
Other speakers included:
· Nora Khaldi, founder and CEO of Nuritas, which – using smart bio-informatics technology – works with companies to identify beneficial natural peptides, thereby allowing them to bring scientifically proven products to market faster and more affordably.
· Professor Brian MacCraith, President of Dublin City University.
· Regina Sullivan, Executive Vice-President of Global Business Services at Fidelity Investments.
· Professor Linda Doyle of the CTVR Centre, soon to be part of the newly announced CONNECT centre under the recent announcement by Government of five new world-class Science Foundation Ireland centres of research co-funded by Government and industry.