In 10 Years, the Internet of Things Could Be Worth More Than $11 Trillion

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According to a new report from the McKinsey Global Institute, the Internet of Things could be worth between $3.9 and $11.1 trillion by 2025. Researchers examined hundreds of different cases involving Internet-connected devices, factored in inevitable technological improvements, and increased connectivity over a 10-year time frame in order to estimate the dollar value of what physical and digital designers are working on.

Most excitingly, that’s not the only thing the McKinsey Global Institute found. Here are just a few of the other exciting possibilities Internet of Things designers could bring the world.

There Are About Nine Different Settings That Internet of Things Designers Can Improve. McKinsey Global Institute broke down the various sectors of the Internet of Things into nine different categories, and calculated how much each might be worth in 10 years time. Homes could have chores and security automated. Offices could become more secure, and energy efficient. Factories could optimize the performance of their equipment. Retail environments may make the shopping experience more streamlined. Worksites could improve their operational safety standards. Individuals could keep better track of their health. Shipping companies could improve their logistics and navigation. Cities could improve their energy and water usage, as well as their mass transportation systems. And vehicles could become autonomous, making them safer and more fuel efficient.

Internet of Things Designers Could Produce Different Types of Opportunities For These Sectors. According to the study, the Internet of Things could transform business processes, predict maintenance, utilize assets better, and increase productivity. It can also enable new business models. The example the study gives is remote monitoring being able to enable anything-as-a-service. In other words, problems will be anticipated much earlier, and everything will run as efficiently as possible.

The Internet of Things has already changed the way we interact with technology, and it shows no signs of stopping now. If you have any questions about what it is that an Internet of Things agency does, feel free to share in the comments. Ger more information on this topic here. Learn more about this topic here.

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