A different perspective on IoT by McKinsey and food for thought including the second largest commercial opportunity being CITIES which sandwiches the top sector FACTORIES and the third sector RETAIL.
40% of the forecast $11.1 trillion economic impact requires interoperable systems offering opportunities for hardware, software and service providers
Consumer wearables and home devices may get a lot of media attention but B2B applications will be the key opportunity.
All the data just begging for a full continuum of self-service analytics
According to a recent McKinsey Global Institute report, the networking efficiencies and opportunities created by the IOT may have a global economic impact of as much as $11 trillion per year by 2025 across multiple sectors.1 The report also suggests that nearly 70 percent of the projected economic value will come from the use of sensor technology and swarm intelligence among B2B users.2 The opportunity is huge, but there is a lot of uncertainty for companies. Questions remain about how to accurately assess the business opportunities in the Internet of Things, how to build a technology stack (the layers of hardware, software applications, operating platforms, and networks that make up IT architecture) to support current and future Internet of Things applications and devices, and whether companies should invest in open or proprietary technologies.
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