Location of Things to reach $71.6B by 2025



IOTInternet of Things  (IOT) continues to grow rapidly enabled by the internet, cloud computing, sensors, and cell phones.   A rapidly growing subcategory is the Location of Things (LOT) with is expected to reach $71.6B by 2025.   LOT is focused on connected devices enables connected devices to communicate their geographic location.   This is creating new forms of big data and analytics that many companies are eager to collect and leverage. North America and Europe accounted for the majority share in the location of things markets today but Asia is growing rapidly.
Source: Research and Markets

Kansas City Living Lab

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I attended the overview of the Kansas City Living Lab.   This is an impressive initiative centered developing solutions for smart cities.   The city has been declared “open” for entrepreneurs in IOT to develop and live test their solutions with the partnership of the city and economic development organizations.   They are developing a strong brand as a leading smart city and IOT hub.   It is attracting companies and start-ups to the region and the real world results are creating proven case studies of solutions.  I look forward to visiting the city in the next year to see how this story evolves.



DC83A188-F5EB-46CA-A76F-8BC6A759B531The Minnesota Department of Economic Development hosted the first open IOT meeting to discuss the state’s future in the IOT industry.  A wide and diverse group of stakeholders attended this event that offered discussion around the state assets and activities in the many aspects of the IOT industry.   As of the time of the meeting, it was suggested that Minnesota currently holds a lead over most states in the IOT space.   This is based on the level of activity featuring over 3000+ identified companies working in IOT infrastructure or implementing significant IOT solutions into their current business operations.  While IOT represents many layers of technology and design it is still built on connected systems architectures that have been around for many years. Several of the systems integrators spoke to decades of experience in these spaces and that they are serving global clients in new IOT solutions.   Currently, Minnesota is also a leader in hosting Industry events, like IOT Fuse, that attracts attendees from far outside of Minnesota.

The conversation also covered other areas of the United States that are now putting the focus on cultivating IOT industry and workforce.   International examples looked at the IOT clusters in Germany where also discussed the need to Minnesota to actively develop a regional strategy to capitalize on our current lead in the field.   Cluster development is growing in size and investment across the globe.   Minnesota has been slow to create a vision of the future for the state’s industries much less a play for new emerging industries.  While the state is rich in all forms of assets,  the leadership to develop a shared vision is still an opportunity waiting to happen for the region.

See event photos in the gallery