Industrial IoT is where the action is - but success will need leadership

The consumer applications of Internet of Things (IoT) technology drives many peoples understanding. People equate IoT to the fridge that updates an online shopping list or the smart energy meter that shows electricity usage. These are useful ideas and might save a household some time and money. However, the real power of IoT is in the applications that solve real-world problems and can transform the business models of whole industries or the way that governments deliver public services. The real action is in B2B uses or Industrial IoT, sometimes referred to as Industry 4.0. According to McKinsey, 70% of the market value of IoT, which they estimate could be worth up to $11.1 trillion by 2025, will come from B2B applications. The sectors expected to be the most prominent and fastest adopters of IoT technology are manufacturing, cities and health. It is in these areas IoT applications will unlock the most significant value.