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Lead from the top: What it takes to incorporate IoT into a legacy industry

July 10, 2019 / TESS TOWNSEND

IoT is a rapidly growing area of technology — but not as rapidly growing as analysts expected it to be back in 2015.Spending on IoT is 70% behind where research firm McKinsey predicted in 2015 it would be by now — at $37 billion, it’s a fraction of the earlier projected $122 billion. McKinsey senior partner Mark Patel believes the lag in IoT adoption has less to do with the nature of technology itself, and more to do with how businesses work. “The data, self-reported in our surveys, suggests that it’s a lot about people and organizations,” he said at VentureBeat’s Transform 2019conference.