The world economy awaits the boost of the Internet of Things (IoT)

Advances in machine learning and artificial intelligence systems, access to affordable and reliable sensors and the availability of cloud computing platforms are the three factors that explain the qualitative leap that the so-called internet of things, a technology which, according to analysts, began to take shape in the last decade of the last millennium.

Oliver Thansan
Oliver Thansan
25 September 2023 Monday 10:31
6 Reads
The world economy awaits the boost of the Internet of Things (IoT)

Advances in machine learning and artificial intelligence systems, access to affordable and reliable sensors and the availability of cloud computing platforms are the three factors that explain the qualitative leap that the so-called internet of things, a technology which, according to analysts, began to take shape in the last decade of the last millennium.

These devices cover the wide spectrum from household appliances to industrial machinery. For this reason, as experts highlight, they have such a great variety in terms of sizes and degrees of complexity in their operation and management. What they have in common is a unique identifier and the ability to transmit data autonomously, without human intervention.

The internet of things, or IoT, as it is known by its English acronym (internet of things), is applied in practically all sectors and areas of the economy, society and culture. Commercial IoT is what operates in transportation or healthcare: monitoring systems, smart pacemakers, etc.

The modality used in everyday life – voice assistants, autonomous lamps… – is called consumer IoT. The IoMT is the military internet of things: wearable biometrics, equipment sensors, etc. There is another type, about infrastructure, which is the basis that supports smart cities. Industrial IoT has been especially introduced in energy, manufacturing and agriculture.

Based on this range of possibilities, McKinsey Global Institute technicians have calculated that, in 2025, the world economy will already see notable progress. Professionals in this business recommend keeping an eye on trends that transcend the realm of voice controllers. Devices like Google Home or Amazon Echo Plus are among the most popular in this category.

But there are solutions for other needs, such as the August Doorbell Cam, which allows you to open doors remotely and record suspicious movements in front of homes. Or Foobot, which is capable of accurately measuring indoor pollution, to improve air quality in public establishments or private spaces.