Internet of Things

The IoT Skills Shortage: Retraining the Workforce

February 24, 2024

The IoT Skills Shortage: Retraining the Workforce

Introduction

The Internet of Things (IoT) is transforming businesses and industries around the world. IoT devices and sensors are enabling companies to collect vast amounts of data and gain insights that can optimize operations, reduce costs, and create new revenue streams. However, there is a major obstacle that stands in the way of fully capitalizing on the IoT revolution: a shortage of skilled workers.

As IoT adoption grows, demand for IoT skills is far outpacing supply. This is creating a problematic skills gap that threatens to restrain the growth of the IoT economy. Businesses urgently need to retrain existing workers and attract new talent. Closing the IoT skills gap will require concerted efforts in education, training, and recruitment.

In this article, I will dig deeper into the causes and implications of the IoT skills shortage. I will also propose potential solutions, such as retraining programs, that can help build a workforce ready for the IoT era.

The Growing Gap Between IoT Skills Supply and Demand

The Internet of Things is still in the relatively early stages of adoption. By 2025, there will be over 75 billion IoT devices installed globally, up from about 7 billion in 2018 (IDC). IoT technology is being applied in diverse sectors like manufacturing, transportation, healthcare, and more.

As the number of connected devices explodes, there is surging demand for workers with the skills to develop, implement, and manage IoT systems. These skills include:

Cloud computing expertise to build and run IoT platforms in the cloud
Data analytics skills to derive insights from IoT data
Networking/connectivity knowledge to connect devices and enable communication
Embedded systems skills to build the devices themselves
Cybersecurity know-how to safeguard IoT networks and data

However, the current supply of workers with these skills is sparse. A 2018 study found that 85% of organizations are concerned about an IoT skills gap, while 67% say they have vacant IoT positions.

Key Factors Behind the IoT Skills Shortage

There are several key factors that explain the shortage of skilled IoT workers:

1. New and rapidly changing technology – The IoT domain includes emerging technologies like 5G, artificial intelligence, and edge computing. Few seasoned professionals have experience in these areas.

2. Too few graduates with relevant skills – University programs are not producing enough graduates versed in areas like embedded systems and cybersecurity.

3. Competition from tech giants – Big tech firms like Google and Amazon are snapping up top IoT talent, leaving fewer experts for other companies.

4. Lack of internal training programs – Many firms do not have robust training initiatives to develop existing employee skills. This restricts the supply of internal talent.

Impacts of the IoT Skills Gap

The widening chasm between demand and supply of IoT skills threatens to derail promising IoT initiatives and hinder innovation. Key impacts include:

Delayed IoT adoption – Without skilled workers, companies will be unable to roll out IoT devices and platforms as quickly as hoped.
Inability to capitalize on IoT data – Firms will miss opportunities to leverage IoT data for enhanced analytics and insights if they lack personnel with the right data analysis skills.
Increased security risks – Insufficient cybersecurity skills elevate the risks of data breaches and system vulnerabilities as more devices come online.
Higher costs – Recruiting for scarce IoT roles will drive up hiring costs. It may also delay projects and result in missed opportunities, translating to lost revenue.

Potential Solutions for Closing the IoT Skills Gap

Addressing the IoT skills crisis will require comprehensive, creative solutions aimed at rapidly expanding the workforce’s expertise in key IoT domains. Here are some of the most promising approaches:

Retraining and Upskilling Existing Employees

Rather than trying to recruit scarce and expensive outside talent, companies should focus first on retraining current employees.

Conduct skills audits to identify existing staff with aptitude in IoT-related areas.
Provide training programs to elevate skills like data analysis, programming, and cybersecurity.
Leverage apprenticeships and job rotation programs to acclimatize employees to IoT roles.
Offer incentives like tuition assistance and time off for training.
Partner with technology vendors to provide certification programs.

Strengthening University Programs

Academic institutions need to bolster their programs in fields like computer engineering, data science, and network security.

Increase enrollment in relevant degree programs.
Update curriculums to include more IoT, AI, and cloud computing skills training.
Promote IoT-focused tracks, specializations, and research projects.
Forge relationships with IoT companies to align programs with industry needs.

Policy Initiatives

Government initiatives could help increase IoT skills training and recruitment.

Fund programs like community college IoT certification.
Support digital skills bootcamps tailored to the IoT domain.
Offer incentives to companies hiring new grads with IoT expertise.
Relax immigration policies to attract more high-skilled IoT workers from abroad.

The Time is Now to Develop Tomorrow’s IoT Workforce

The Internet of Things represents an immense opportunity for businesses, consumers, and society. But without workers qualified to design, deploy, and manage connected devices and systems, it will be difficult to realize the full potential of IoT innovation. Companies cannot afford to wait – they need to make IoT skills development a top priority today. With a coordinated push to train new talent and reskill existing staff, we can build a workforce prepared to excel in the IoT-centric economy of the future.