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Internet economy

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mark blake

The Internet of Things—sensors and actuators connected by networks to computing systems— has received enormous attention over the past five years…To get a broader view of the IoT’s potential benefits and challenges across the global economy, we analysed more than 150 use cases, ranging from people whose devices monitor health and wellness to manufacturers that utilise sensors to optimise the maintenance of equipment and protect the safety of workers.

Our bottom-up analysis estimates that the IoT has a total potential economic impact of $3.9 trillion to $11.1 trillion a year by 2025. At the top end, that level of value would be equivalent to about 11 per cent of the world economy. Even at this early stage, the IoT is starting to have a real impact by changing how goods are made and distributed, how products are serviced and refined, and how doctors and patients manage health and wellness.

But capturing the full potential of IoT applications will require innovation in technologies and business models, as well as investment in new capabilities and talent. With policy actions to encourage interoperability, ensure security, and protect privacy and property rights, the Internet of Things can begin to reach its full potential—especially if leaders truly embrace data-driven decision making.

 

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