In the coming years, automated closed-loop systems that can carry out tasks independently based on incoming data and which can be used to manage systems such as smart electric grids are likely to be adopted more widely. They may be used to manage machines, processes, and even the health of human beings. Indeed, MGI estimates that health-care will make up the lion’s share of the $3 trillion to $6 trillion in annual impact of the Internet of Things applications that they sized. This could include significant reductions in the cost of chronic disease care through remote monitoring.
An important challenge for companies will be to apply advanced analytical tools to the flood of data that will flow from IoT devices and unlock the true value of this trend. They will also be challenged to ensure that their networks are secure so that nobody can seize control of machines on the factory floor or disrupt supply chains.