Massive effects of IoT on the global economy
For many industries connectivity is the first step into digitalization, e.g. digital shelf labels in retail. “The cloud comes down. We are starting to see many end markets with billions of potential sockets out there, where there was nothing before. It all starts with connectivity. The barriers of entry are falling, and devices spread everywhere”, outlined Cooley.
For him OT is a thousand times bigger than IT. It transforms business models all over the globe. IoT unlocks values and because of that there is no way back. He emphasized the impact of IoT in several examples. Beehive tracking in the agricultural sector, personalized health care base on individual data collected on the body of the single patient or theft protection, data logging and predictive maintenance for tools at construction sites. You name it … McKinsey is predicting in its IoT report of 2021 that by 2030 the IoT could enable 5.5 trillion to 12.6 trillion US-Dollar in value globally. This means that 5 to 10 % of the global GDP is resting on the technology the embedded community is building.
What do we need to get to the next level of IoT?
With this in mind, Daniel Cooley presented four steps that we need to do to get to the next level of IoT on our way to the connected future. To emphasize the importance of working together on this he invited four guest speakers to present these four steps:
1. accelerate software
2. secure your products
3. connect device teams and cloud teams
4. empower data governance
There are still obstacles to overcome on the way to a connected future:
- adopt wireless into the industrial environment
- fill the gap between proof of concept and scale
- powering all these MUCs
- AI and all questions that come with it.
But according to Daniel Cooley “there is no end in sight” of the development towards IoT, so we better deal with it – and shape it.
Watch the whole keynote of Daniel Cooley
