The internet of things: mapping the value beyond the hype

The Internet of Things (IoT)—sensors and actuators connected by networks to computing systems—has received enormous attention over the past five years. A new McKinsey Global Institute report, The Internet of Things: Mapping the value beyond the hype, attempts to determine exactly how IoT technology can create real economic value. Our central finding is that the hype may actually understate the full potential—but that capturing it will require an understanding of where real value can be created and a successful effort to address a set of systems issues, including interoperability. To get a broader view of the IoT’s potential benefits and challenges across the global economy, we analyzed more than 150 use cases,…