Ireland has been selected as the latest location for an Intel internet of things (IoT) Innovation and Development Ignition Lab, where Intel will collaborate with local companies to develop technologies for the IoT marketplace.

The Ignition Lab will focus specifically on key areas like smart homes and buildings, smart cities, smart cars, energy and utilities, and smart agriculture.

The IoT is considered one of the fastest-growing areas of the tech industry, heralding enormous potential economic and social change by harnessing connected devices more cleverly.

Industry analysts estimate there will be 50bn connected devices in the world by 2020.

To date, Intel has established five Ignition Labs in Europe and the Middle East, including in the UK, Sweden, Germany, Turkey and Israel.

This lab is the latest investment in Intel’s history in Ireland since it set up here in 1989.