Did you know ATMs are considered some of the first IoT objects and went online as far back as 1974?

So, The Internet of Things (IoT) is not recently developed, it’s here and growing expeditiously. Internet of Things (IoT) or Internet of Everything (IoE) refers to devices or objects that are connected to the Internet, like your smartwatch, domestic appliances including heating & lighting system, advanced security controls, even your television, and refrigerator. We can define IoT as a space where the digital & physical world converge.

Based on recent research by McKinsey, these are the top 5 physical environments that can achieve the most economic value of IoT technologies:

  1. Factories: Sensor-loaded workflows optimize operations in standardized environments such as manufacturing assembly lines, factory floors.

Potential Economic Impact: up to $3.3 trillion by 2030

  1. Human: Monitoring, Diagnostic & Wearable devices analyze body data boost health & performance

Potential Economic Impact: up to $1.8 trillion by 2030

  1. Worksites: Mines, construction, energy sites can be operated remotely, predict maintenance issues, and improve the safety of workers on the site.

Potential Economic Impact: up to $1.7 trillion by 2030

  1. Cities: IoT can help in easing traffic congestion, conserve water and energy for better urban living. 

Potential Economic Impact: up to $1.7 trillion by 2030

  1. Retail: Enriched customer experience with automatic and cashless checkout 

Potential Economic Impact: up to $1.2 trillion by 2030

To leverage IoT benefits, Technology leaders need to understand the importance of collecting critical production data and securing the use of cloud computing software to turn this data into valuable insights. Cloud Computing is an easy travel method for the large data packages generated by the IoT through the Internet.

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