One of the truisms of digital disruption is that ultimately most benefit accrues to the end consumer, mostly in avoided costs. The Internet of thins might be about to top that on its head. According to an analysis by management consulting group McKinsey and Company, “Although consumer applications seem to be on the leading edge of adoption, nearly 70 percent of the projected economic value will eventually come from the use of sensor technology and swarm intelligence among B2B users.”
Although IoT is still coming into focus for many, it already connects more than nine billion devices worldwide; over the next five years, that number is expected to grow to between 20 billion Intel, A Guide to the Internet of Things, available here and 50 billion Cisco, The Internet of Things, available here devices. In 2025, IoT is expected to create between $4 trillion to $11 trillion in economic benefits globally.
In a discussion paper entitled, Preparing IT systems and organizations for the Internet of Things McKinsey researchers Johannes Deichmann, Matthias Roggendorf, and Dominik Wee describe the opportunity as huge, but caution that 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,” they say.
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