IoT spending for manufacture-related process to grow in MEA
Sharjah Tatweer Forum reveals IoT will play a significant role in entrepreneurial innovation
The Sharjah Tatweer Forum (STF) has pointed out the significance of Internet of Things (IoT), will play an important role in the move to help, advance and promote entrepreneurial innovation in the emirate.
"The emergence of IoT has ushered us further into the future, where computing devices, mechanical and digital machines can now be interrelated no matter how remotely distant they are from one another," said Jassem Albloushi, chairman at STF.
"The Sharjah Tatweer Forum understands the significance of IoT and the important role it will play in the move to drive in more growth and development for Sharjah. We remain steadfast in our commitment to actively promote entrepreneurial leadership and innovation by utilising IoT and leveraging its advantages and benefits to our members and their businesses."
The International Data Corporation (IDC) revealed that IoT spending for manufacture-related processes in the Middle East and African region is poised to increase by 16% year-on-year starting from 2016, reaching a total of $1.22bn.
IDC found that a major factor contributing to the growth is the continuous demand for fast-moving consumer goods in the region, which has encouraged manufacturers to invest largely on efficiency-building smart technologies to increase productivity and enhance efficiency.
The IDC report states that the increased IoT spending will cover key processes like food traceability, maintenance and field services, manufacturing operations, and production asset management, which is being seen as very ripe for investment.
The STF arranges several opportunities for its members to interact with companies in the technology sector, including Twitter, SAP, Silicon Valley and Netflix, to learn more about best practices that can help accelerate a smart transformation, such as big data, smart cities, cloud computing and information security.