PENANG, Nov 14 (Bernama) -- Seven Malaysian homegrown technology companies today announced the formation of the Malaysia IoT Consortium (MyIoTC) and launched the MyIoTC Week 2016. The seven companies are SilTerra, Cytron, CEEDtec, K-One, Eclimo, Pensonic and Exabytes.
A broad spectrum of applications associated with the Internet of Things (IoT) is considered as key contributors for the future of the Internet Economy. While today’s internet economy is based on data created by internet of 3 billion people, the new IoT world is about data created by internet of 50 billion things by 2020. In economic terms, it’s estimated that $14.4 trillion of economic value will be created by IoT between 2013 and 2022, and McKinsey expects $4-$11 trillion of economic value will be created per year in 2025. Among the biggest application opportunities for IoT are in the Manufacturing sector and Smart Cities.
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