That’s according to Malcolm Penn, chairman and CEO of semiconductor analyst firm Future Horizons.

Speaking at a conference in London, Penn said: “The IoT is overhyped but some common sense is entering. The IoT is not one space. Everybody has their own spin on it.”

He said that the next phase of the IoT is “mercifully not wearables” and watches are not the right form factor. “Even Apple failed to break the [condundrum of] the 40 year old digital watch.”

Penn thinks, however, that there is some merit to the IoT concept.

“Connectivity is the key and data analysis is getting some traction,” he said. He added that technology has to be straightforward and simple. Where the IoT may come into his own, he suggested were electronic cars.

“There’s more components in a smartphone than an electronic car,” he said.