The Internet of Things has the potential to fundamentally shift the way we interact with our surroundings. The ability to monitor and manage objects in the physical world makes it possible to bring data-driven decision making to new realms of human activity—to optimize the performance of systems and processes, save time for people and businesses, and improve quality of life.
The McKinsey Global Institute, in collaboration with McKinsey’s Telecommunications, Media and High Technology practice and the McKinsey Business Technology Office, have created a bottom-up model of IoT applications across different sectors of the economy and all parts of the world. We have sized more than 150 applications of IoT technology by looking at the potential benefits they can generate, estimating potential productivity benefits, time savings, improved asset utilization, as well as the economic value of diseases, workplace accidents, and deaths avoided.
We identified nine physical settings in which IoT use cases could be deployed, including the human body, homes, offices, factories, retail environments, worksites, vehicles, cities, and outdoors. We compared potential value in B2B vs. B2C applications, developed vs. developing markets, and estimated the incremental value of interoperability among IoT systems.
We will outline key success factors for each player in the IoT ecosystem, from suppliers of technology to corporate customers to individual consumers, and identify specific enablers and barriers to capturing value.
Michael Chui is a partner in the McKinsey Global Institute. He is based in San Francisco, where he directs research on the impact of disruptive technologies such as big data, social media, and the Internet of Things, on business and the economy. As a McKinsey consultant, Michael served clients in the high-tech, media, and telecom industries on multiple topics. Michael is a frequent speaker at major global conferences and his research has been cited in leading publications around the world.
Michael holds a B.S. in symbolic systems from Stanford University and earned a Ph.D. in computer science and cognitive science, and an M.S. in computer science, from Indiana University.
Prior to joining McKinsey, Michael served as the first chief information officer of the City of Bloomington, Indiana, and was the founder and executive director of HoosierNet, a regional internet service provider.
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