The Value Potential of IoT
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Where is the Value Potential of the Internet of Things?
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The Value Potential of IoT
- 1. 2X more value from B2B applications than consumer Less than 1% of data currently used, mostly for alarms or real-time control, more can be used for optimization and prediction Interoperability required to capture 40% of total value Developing economies: 40% Developed economies: 60% Types of Opportunities Predictive maintenance, better asset utilization, higher productivity. Transform Business Processes For example, remote monitoring enables anything-as-a-service. Enable New Business Models Where is the value potential of the Internet of Things? Identified Verticales With a total cross-sector view of a total potential impact of $3.9 trillion-11.1 trillion per year by 2025 Home Chore automation & security $200B-350B Vehicles Autonomous vehicles & maintenance $210B-740B Cities Public health & transportation $930B-1.7T Outside Logistics & navigation $560-850B Human Health & fitness $170B-1.6T Worksites Operations optimiza- tion / health & safety $160B-930B Retail Automated checkout $410B-1.2T Factories Operations & equip- ment optimization $1.2T-3.7T Offices Security & energy $70B-150B Source: McKinsey Global Institute IoT Study Visit: kaleidoscopeiot.com