![]() ![]() We estimate that IoT users (businesses, other organizations, and consumers) could capture 90 percent of the value that IoT applications generate. Customers will capture most of the benefits.However, developing economies could generate nearly 40 percent of the IoT’s value, and nearly half in some settings. Still, we estimate that it will have a higher overall value impact in advanced economies because of the higher value per use. The IoT has a large potential in developing economies.Business-to-business applications will probably capture more value-nearly 70 percent of it-than consumer uses, although consumer applications, such as fitness monitors and self-driving cars, attract the most attention and can create significant value, too.That’s because this information is used mostly to detect and control anomalies-not for optimization and prediction, which provide the greatest value. For example, on an oil rig that has 30,000 sensors, only 1 percent of the data are examined. Currently, most IoT data are not used.Of the total potential economic value the IoT enables, interoperability is required for 40 percent on average and for nearly 60 percent in some settings. Interoperability between IoT systems is critical.Some of the other findings in the report, include: At the top end, that level of value-including the consumer surplus-would be equivalent to about 11 percent of the world economy. The central finding in the report is that the hype may actually understate the full potential-but that capturing it will require an understanding of where real value can be created and a successful effort to address a set of systems issues, including interoperability.Īccording the report, the IoT has a total potential economic impact of $3.9 trillion to $11.1 trillion a year by 2025. Although The Internet of Things (#IoT) is still listed as one of the top hypes in Gartner’s 2015 Hype Cycle for Emerging Technologies this year, a new McKinsey Global Institute report, The Internet of Things: Mapping the value beyond the hype, attempts to determine exactly how IoT technology can create real economic value. ![]()
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January 2023
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