This paper, published in March 2023 by MIT Technology Review Insights in partnership with Infineon Technologies AG, outlines the current challenges and opportunities in the IoT landscape. It highlights the projected value creation of IoT products and services by 2030, estimated between $5.5 to $12.6 trillion. Despite this potential, IoT solutions face complexities arising from diverse ecosystems and technologies, exacerbated by semiconductor shortages and supply chain disruptions. The paper emphasizes the need for industry collaboration to establish standards facilitating innovative technologies, enhanced connectivity, and AI/ML integration to realize new IoT use cases. Moreover, advancements in lower-power chips for extended battery life and edge computing to reduce bandwidth and latency are expanding market applicability and driving business transformation.

Keywords: Artificial Intelligence (AI), Connected Home, Internet of Things (IoT), Protocols/Standards