Harvesting IoT Insights, from Edge to Core
The rapid proliferation of Internet-connected devices is fueling the on-going data explosion. The IoT boom is also exciting company leaders, who anticipate new business models generating trillions of dollars. However, most of the IoT data will not be used, which some experts say points to a need for heightened business clarity around the technology and tighter integration of end-to-end IoT solutions.
From predictive maintenance on the factory floor and oil well monitoring, to tracking of chronically ill patients and self-driving cars, the potential business benefits of IoT, if fully realized, are truly staggering. “If policy makers and businesses get it right,” a 2015 McKinsey&Company report states, “linking the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025.”
And while there’s certainly lot of hype around IoT – the hype-o-meter for IoT is arguably on par with excitement surrounding big data, artificial intelligence, cloud computing, and blockchain — the smart folks at McKinsey say that IoT’s benefits may actually be under forecasted at the moment.