4 Predictions on the Growth of Industrial Internet Of Things for 2017

The Internet of Things has received global attention and reception over the last four to five years. The IoT predictions within McKinsey Global Institute report The Internet of Things: Mapping the value beyond the hype forecast that the potential of IoT technology will generate value unlocking up to 11.1 trillion US-Dollar (USD) a year by 2025 for the global economy. This implicates that the conditions framework will fit as well as politicians and companies executive management make the right decisions.

Logo McKinsey Global InstituteFor the IoT predictions, The McKinsey Global Institute examined over 150 use cases about a range, from health and wellness monitoring devices to sensor usage in manufacturing processes in order to optimize equipment maintenance and safety at the workplace.

Among the nine settings where value may accrue, factories like industrial plants or manufacturing branches do have the largest share by 1.2 (low estimate) up to 3.7 trillion USD (high estimate) – 11 percent of the world economy.

IoT business-to-business applications will generate the major share of value by nearly 70 percent compared with IoT consumer uses – although consumer applications like fitness monitors or self-driving cars already rise more attention and creates value.

First IoT Prediction for 2017

2017 will be critical for interoperability, real-time integration in of Internet of Things, sensors and actuators connected by networks to computing systems, and Industrial Analytics between major enterprise IT systems as SAP, Salesforce, and third party solutions. Enabling real-time integration across on-premise and cloud platforms often involves integrating SAP, Salesforce, third-party and legacy systems.

Second IoT Prediction for 2017

The full potential of IoT data will be enhanced. With a required understanding of where real value can be created and a successful effort to address a set of systems issues, including interoperability. Currently, most IoT data are not used because the hype may actually understate it. Most sensor-noted information is used to detect and control deviations. This could be analyzed instead for optimization and prediction to provide maximum value.

Third IoT Prediction for 2017

Top three applications of Industrial Analytics will be Predictive and prescriptive maintenance of machines (79 percent), customer/marketing related analytics (77 percent) and analysis of product usage in the field (76 percent) within this up to next two years
– see exhibit below.

To bring these up, certain requirements have to be fulfilled, especially main conditions regarding technical, organizational, and regulatory determining factors. Companies using IoT take a decisive role in developing the right systems, critical interoperability between them – that impacts at least 40 percent on average, however for nearly 60 percent in some settings – and processes to transfer its notional impact to maximum value.

Fourth IoT Prediction for 2017

The Internet of Things has a cutting-edge capability for emerging economies. Although IoT in advanced economies will lead to a significant value impact due to higher value per use, growing economies could generate almost 40 percent of the estimated IoT value as well as nearly half in some settings.
Around IoT technology a dynamic industry is developing. Both well-established and new players get their chance. Digitalization blends the margins between technology companies and other business sectors.

 

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