The Internet of Things (IoT) will generate millionaire profits

The potential economic value that the Internet of Things (IoT) could generate by 2030 is between $5.5 and $12.6 trillion worldwide, including the value captured by consumers and customers of the Internet’s products and services. IoT, according to the conclusions of the study “Internet of Things: Catching up with an accelerating opportunity”, carried out by the consulting firm McKinsey & Company.

IoT describes a network of physical objects that incorporate sensors in order to connect and exchange data with other devices and systems through the Internet, improving the efficiency of many processes through the use, for example, of Artificial Intelligence.

Currently, it is one of the main trends linked to the digital transformation of the economy and is already integrated into the lives of consumers, as well as into the operations of companies and governments.

Factories would account for the largest amount of potential economic value from IoT, around 26 %, in 2030. This is due to their use to optimize operations in manufacturing, making daily management of assets and people more efficient.

The healthcare sector, meanwhile, would account for around 10-14 % of the estimated economic value of IoT in 2030. From connected heart and glucose monitors for chronically ill patients to mass-market solutions that track physical activity.

IoT solutions are not only used by individual customers, but are also offered by some insurers and governments as a way to improve patient health and outcomes. At this point, the report highlights that “the Covid-19 pandemic potentially accelerated the use of IoT solutions in healthcare.”

As the fastest growing sector in terms of IoT value by 2030, autonomous vehicles (which include partial driving automation, or level two autonomy, and above) stand out. The steady increase in the use of sensors in vehicles will continue as consumers demand greater safety and reliability.

K. Tovar

Source: COPE