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Timeline: The History of the Industrial Internet of Things

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The Internet of Things (IoT) isn’t only for connecting the latest gadgets, like a voice-activated speaker or a smart thermostat, to your increasingly connected home.

In fact, the same circumstances that have led to the explosion in smart consumer gadgets, such as universal wireless connectivity, cloud computing, cheap sensors, and better artificial intelligence, are also being used in conjunction with big data to power the next generation of industry, as well.

This new technological layer, called the Industrial Internet of Things (IIoT), is transforming massive industries like manufacturing, energy, mining, and transportation – and it’ll have a multi-trillion dollar impact on the economy as a whole.

The Birth of the Industrial Internet

Today’s infographic comes to us from Kepware, and it shows how these technological forces have emerged over time to make the IIoT possible.

Timeline of the Industrial Internet of Things

The road to the creation of the IIoT started in 1968, when engineer Dick Morley made one of the most important breakthroughs in manufacturing history.

That year, Morley and a group of geek friends invented the programmable logic controller (PLC), which would eventually become irreplaceable in automating assembly lines and industrial robots in factories.

Other Major Innovations

Here are some other major innovations that were instrumental in making the IIoT possible:

1983: Ethernet is standardized
1989: Tim Berners-Lee creates Hypertext Transfer Protocol (HTTP)
1992: TCP/IP allows PLCs to have connectivity
2002: Amazon Web Services launches, and cloud computing starts to take hold
2006: OPC Unified Architecture (UA) enables secure communications between devices, data sources, and applications.
2006: Devices start getting smaller, and batteries and solar energy are becoming powerful and more economical.
2010: Sensors drop in price, enabling them to be put into pretty much everything

And today, the IIoT is a big deal: it’s transforming the backbone of major industries by adding a new layer of technology that helps companies optimize operations, track and analyze equipment, implement predictive maintenance, make sense of massive amounts of data, and make real-time decisions that were never before possible.

IIoT Market

And by 2030, the IIoT is estimated by Accenture to have a $14.2 trillion on the global economy – making it one of the most important forces shaping the future business world today.

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Ranked: The Top Startup Cities Around the World

Here are the global startup ecosystem rankings, highlighting the scale and maturity of major tech hubs worldwide.

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This bar chart shows the top startup ecosystems in the world in 2024.

The Top Startup Cities Around the World

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

A richly connected network of founders, venture capital firms, and tech talent are some of the key ingredients driving a startup ecosystem.

As engines of growth, these tech clusters are evolving on a global scale. While the world’s leading startup cities are concentrated in America, several ecosystems, such as Beijing and Seoul, are growing in prominence as countries focus on technological advancement to spur innovation.

This graphic shows the best startup cities worldwide, based on data from Pitchbook.

The Global Startup Ecosystem Rankings

To determine the rankings, each city was analyzed based on the scale and maturity of their startup ecosystem over a six-year period ending in the second quarter of 2023.

Among the inputs analyzed and used to calculate the overall development score were fundraising activity, venture capital deals, and exit value:

RankCityDevelopment ScoreCapital RaisedDeal CountExit Value
1🇺🇸 San Francisco90$427.6B19,898$766.3B
2🇺🇸 New York76$179.9B13,594$171.7B
3🇨🇳 Beijing76$161.2B8,835$279.2B
4🇨🇳 Shanghai73$130.3B7,422$186.8B
5🇺🇸 Los Angeles71$144.6B9,781$181.4B
6🇺🇸 Boston70$117.0B6,044$172.8B
7🇬🇧 London64$99.0B11,533$71.9B
8🇨🇳 Shenzhen63$46.4B5,020$66.3B
9🇰🇷 Seoul61$31.1B6,196$71.0B
10🇯🇵 Tokyo60$26.2B5,590$28.0B
11🇨🇳 Hangzhou59$50.7B3,361$88.7B
12🇺🇸 Washington D.C.55$43.7B2,706$28.2B
13🇺🇸 Seattle54$31.7B2,693$35.6B
14🇸🇬 Singapore52$45.7B4,507$38.0B
15🇺🇸 San Diego52$33.5B2,023$44.7B
16🇺🇸 Austin52$26.4B2,636$22.9B
17🇨🇳 Guangzhou52$24.7B1,700$24.0B
18🇮🇱 Tel Aviv51$21.0B1,936$32.2B
19🇺🇸 Denver51$26.8B2,489$29.9B
20🇩🇪 Berlin50$31.2B2,469$15.9B

San Francisco dominates the pack, with $427.6 billion in capital raised over the six-year period.

Despite a challenging funding environment, nearly 20,000 deals closed, highlighting its outsized role in launching tech startups. Both OpenAI and rival Anthropic are headquartered in the city, thanks to its broad pool of tech talent and venture capital firms. Overall, 11,812 startups were based in the San Francisco Bay Area in 2023, equal to about 20% of startups in America.

Falling next in line is New York City, which raised $179.9 billion over the same time period. Crypto firm Gemini and machine learning company, Hugging Face, are two examples of startups based in the city.

As the top-ranking hub outside of America, Beijing is home to TikTok’s parent company, ByteDance, which is one of the most valuable private companies in the world.

In recent years, much of the startup funding in China is being driven by government-backed funds. In particular, these funds are focusing heavily on “hard tech” such as semiconductor-makers and electric vehicle companies that align with the government’s strategic long-term goals.

Another leading tech hub, Singapore, has the highest venture capital funding per capita worldwide. In 2023, this was equal to an impressive $1,060 in venture funding per person. By comparison, venture funding was $345 per person in the U.S., the second-highest globally.

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