IT SOFTWARE, CYBER-PHYSICAL SYSTEMS, DATA ANALYTICS
The convergence of technologies such as wireless communications, sensing, imaging data and cyber-physical systems (often referred to as “the internet of things”) is generating strong and ever-evolving consumer demand. Rhode Island companies are advantageously perched on the cutting edge, thanks to the state’s strengths in engineering, design, data analytics, cybersecurity, and computer science. Rhode Island’s collaborative environment means technological innovations are applied across industries. Specific growth opportunities include cyber-physical systems and data analytics, autonomous underwater vehicles, remote medical device monitoring systems, environmental and energy monitoring, and smart grid infrastructure.
Rhode Island’s IT Software, Cyber-Physical Systems, and Data Analytics industry concentration is 18% higher than the national average.
This growth area is the leading area for innovation-led emerging companies in Rhode Island. Among the major venture-backed companies are Upserve ($40 million), Greenbytes ($36 million), Utilidata ($20 million), and ShapeUp ($9 million – acquired by Virgin Pulse, which chose to consolidate in RI, bringing 300 new jobs to the state). This is also an area for several fast-growth companies that made the Inc. 5000 list, including Atrion, Carousel Industries, Gurnet Consulting, and MojoTech.
Rhode Island has seen a cluster of patent activity in data processing, e-commerce, enterprise applications, cybersecurity, semiconductors and electronic components, optical and electromagnetic sensors, fuel cells, and power conversion devices.