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The Industrial Internet of Things as the Next Big Growth Driver?

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The Industrial Internet of Things as the Next Big Growth Driver?

The Industrial Internet of Things as the Next Big Growth Driver?

The Internet of Things (IoT) is often marketed as a consumer-based technology phenomenon that will combine the potential of low-cost sensors and big data with wide-scale internet connectivity.

The promise of this consumer-focused vision of IoT is to change how we interact with daily objects in our lives. When people talk about the IoT, they often bring up ideas such as the connected home, automobiles, or health – concepts that will change how we live on a personal level.

But flying under the radar is a less sexy sub-sector of the IoT that could ultimately prove to be the most transformative – the marriage of the internet of things with industrial applications such as mining, oil and gas, infrastructure, aviation, locomotives, cities, farming, manufacturing, and power generation.

It’s been coined the “Industrial Internet of Things” (IIoT) by giants like GE, AT&T, Cisco, Intel, and IBM– and today’s infographic from RS Components shows that the economic growth stemming from this industrial internet revolution could be game-changing.

Industrial Internet of Things

The opportunity behind the IIoT is massive, and it’s measured in the trillions of dollars.

GE, for example, expects that by 2030 that it will add $10 to $15 trillion to global GDP, and that it could raise average income significantly throughout the world.

IIoT circle

Like previous industrial revolutions, the IIoT will allow for greater automation of previously human-intensive work, creating greater productivity per man-hour invested.

Some potential applications:

Smart Farming: Making use of the vast amounts of information from crop yields, soil-mapping, fertilizer applications, weather data, machinery, and animal health, to improve yields and cut costs in the modern farming environment.

Smart Manufacturing: Using the industrial internet to create a fundamental shift in how products are invented, manufactured, shipped and sold. Intelligent networks will power the value chain – connecting people, processes and data and generating new best practices.

Smart Cities: Cities could stand to benefit significantly from connecting people, processes, data, and things together. City assets such as libraries, transportation systems, power plants, water supply networks, waste management systems, law enforcement, hospitals and other community services could feed off each other. Local governments will understand what is happening on micro and macro levels, and how the city is evolving.

Smart Energy: Power generation can be improved by combining sensors, big data, and connectivity. Imagine wind farms that make slight mechanical adjustments to capitalize on the small changes in wind velocity or direction, to be more efficient – this is only scratching the surface of what is possible.

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Ranked: Semiconductor Companies by Industry Revenue Share

Nvidia is coming for Intel’s crown. Samsung is losing ground. AI is transforming the space. We break down revenue for semiconductor companies.

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A cropped pie chart showing the biggest semiconductor companies by the percentage share of the industry’s revenues in 2023.

Semiconductor Companies by Industry Revenue Share

This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.

Did you know that some computer chips are now retailing for the price of a new BMW?

As computers invade nearly every sphere of life, so too have the chips that power them, raising the revenues of the businesses dedicated to designing them.

But how did various chipmakers measure against each other last year?

We rank the biggest semiconductor companies by their percentage share of the industry’s revenues in 2023, using data from Omdia research.

Which Chip Company Made the Most Money in 2023?

Market leader and industry-defining veteran Intel still holds the crown for the most revenue in the sector, crossing $50 billion in 2023, or 10% of the broader industry’s topline.

All is not well at Intel, however, with the company’s stock price down over 20% year-to-date after it revealed billion-dollar losses in its foundry business.

RankCompany2023 Revenue% of Industry Revenue
1Intel$51B9.4%
2NVIDIA$49B9.0%
3Samsung
Electronics
$44B8.1%
4Qualcomm$31B5.7%
5Broadcom$28B5.2%
6SK Hynix$24B4.4%
7AMD$22B4.1%
8Apple$19B3.4%
9Infineon Tech$17B3.2%
10STMicroelectronics$17B3.2%
11Texas Instruments$17B3.1%
12Micron Technology$16B2.9%
13MediaTek$14B2.6%
14NXP$13B2.4%
15Analog Devices$12B2.2%
16Renesas Electronics
Corporation
$11B1.9%
17Sony Semiconductor
Solutions Corporation
$10B1.9%
18Microchip Technology$8B1.5%
19Onsemi$8B1.4%
20KIOXIA Corporation$7B1.3%
N/AOthers$126B23.2%
N/ATotal $545B100%

Note: Figures are rounded. Totals and percentages may not sum to 100.


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Meanwhile, Nvidia is very close to overtaking Intel, after declaring $49 billion of topline revenue for 2023. This is more than double its 2022 revenue ($21 billion), increasing its share of industry revenues to 9%.

Nvidia’s meteoric rise has gotten a huge thumbs-up from investors. It became a trillion dollar stock last year, and broke the single-day gain record for market capitalization this year.

Other chipmakers haven’t been as successful. Out of the top 20 semiconductor companies by revenue, 12 did not match their 2022 revenues, including big names like Intel, Samsung, and AMD.

The Many Different Types of Chipmakers

All of these companies may belong to the same industry, but they don’t focus on the same niche.

According to Investopedia, there are four major types of chips, depending on their functionality: microprocessors, memory chips, standard chips, and complex systems on a chip.

Nvidia’s core business was once GPUs for computers (graphics processing units), but in recent years this has drastically shifted towards microprocessors for analytics and AI.

These specialized chips seem to be where the majority of growth is occurring within the sector. For example, companies that are largely in the memory segment—Samsung, SK Hynix, and Micron Technology—saw peak revenues in the mid-2010s.


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