The Internet of Things, or IoT, plays a huge part in automating the world. IoT refers to how different devices are connected via the web and are able influence their surroundings. Now, these devices are increasingly starting to be able to make decisions by themselves. Driverless cars, self-operating factories and automatic health advice from fitness trackers are just three examples of how autonomous connected devices can transform society. The business implications of these innovations are huge.

We live in a world where technology is rapidly taking over our lives, like literally. Getting up in the morning we have our handheld devices at disposal, helping us, guiding us and informing us about our new and'upgraded' lives. The Internet has made connectivity seamless across various platforms. The ideal of the world becoming a global village has in actuality been achieved. A huge contribution to these advancements goes to the rapid developments in the IoT sector.

Premier Lin Chuan, who once served as chairman of Vanguard International Semiconductor (VIS), and his Cabinet members will resign en masse on September 7, casting uncertainty over the future policies concerning Taiwan's development of AI (artificial intelligence), IoT (Internet of Things), innovation startups and other technologies. Lin has disclosed he tendered his resignation at the end of a national security meeting on September 3 on grounds that he had finished his phased missions. President Tsai Ing-wen has appointed Tainan Mayor William Lai as his succesor, who will take office on September 8. Having served as VIS chairman during 2006-2009, Lin has shown deep understanding of and given high priority to the development of Taiwan's semiconductor and electronics industries. The outgoing premier has identified AI as a key to improving national competitiveness in the next three decades, and has given great support for the Ministry of Science and Technology's (MOST) proposal to build an AI innovation ecosystem in Taiwan. He has instructed the ministry to set up an AI innovation R&D center, and establish robot manufacturing bases in Central Taiwan Science Park and Southern Taiwan Science Park, as well as other related infrastructures.

While the development of the internet of things has revolutionized heavy industry, online shopping, localized data collection and virtually every other aspect of modern life and business, innovators are still struggling over the future of the IoT, and how they'll get there. While many see big data as the driving engine behind the IoT, savvy investors and entrepreneurs have shown that the real power behind the interconnectivity phenomenon is artificial intelligence. Tapping into the potential of AI won't be easy for innovators, but doing so will be far more profitable for the IoT's future than relying on big data alone. As programmed intelligence grows to new and greater heights, its ability to optimize the IoT will only be enhanced. While artificial intelligence has largely been confined to "narrow" applications, such as operating robotic arms on an assembly line or handling other repetitive, simpler tasks, new developments in AI are changing the way it's impacting the market.

Internet of Things (IoT) market growth will accelerate in 2017, with the adoption of narrowband IoT (NB-IoT), according the the latest worldwide market study by Frost & Sullivan. This cellular technology uses licensed spectrum and offers a standardized low-power, wide-area network (LPWAN) solution. Furthermore, machine learning and blockchain technologies are being integrated with IoT capabilities to drive new demand in different industries - such as financial services or energy generation and distribution. In Europe, IoT connections are set to exceed 9 billion by 2021. Dedicated venture funds for IoT development will help create an ecosystem that is conducive to the growth of startups in the region.

South Korea's largest mobile operator SK Telecom (SKT) plans to invest KRW5 trillion ($4.1 billion) over the next three years to develop artificial intelligence (AI) and Internet of Things (IoT) technology and services. SKT said in a statement the investment strategy will focus on creating a "new ecosystem" for AI, self-driving cars and IoT, Yonhap news agency reported. Research will be coordinated with SKT's SK Broadband and SK Planet affiliates. A part of the investment will be allocated to support local start-ups, the operator said. At CES in Las Vegas last week, SKT said it held discussions with Samsung, Nvidia and Intel about cooperating on AI, connected cars and IoT initiatives, according to Yonhap.