From AI-capable endpoint devices to autonomous systems, IoT developers are building a diverse ecosystem of products and services, only set to grow. The number of IoT connected devices worldwide is projected to reach over 15 billion in 2023. MicKinsey estimates its market value will grow from $1.5 trillion today to $12.6 trillion by the end of the decade.
As the complexity of IoT use case increases, so does the cost of developing and maintaining software in complex and distributed deployments. To reduce the cost and time-to-market for developers, it is critical to enable software re-use and portability across devices wherever possible. It’s therefore important that we standardize the foundational building blocks of IoT, removing redundancies and friction, and creating opportunity for innovation.
