What is the Internet of Things?

By 2030, the potential value of IoT could amount to up to $12.5 trillion globally. The potential economic value of IoT differs based on settings and usages. For example, factory settings and human health applications represent just over a quarter of the total value potential.

IoT's value can also be explored with use-case clusters. The most common use cases account for a large share of IoTs potential economic value:

• Operations optimization (41%)
• health (15%)
• human productivity (15 %)
• condition-based maintenance (12 %)

To get value from IoT, it is helpful to have a platform create and manage applications, run analytics and store and secure your data. 

 If you are trying to choose an IoT platform, you’ll need a good understanding of your company’s IoT strategy. When evaluating IoT platforms, consider these characteristics:

1. Applications environment. Can the platform maintain multiple applications?
2. Data management. Can the platform structure and join various unfamiliar data sets?
3. Ownership of cloud infrastructure.
4. Security. 
5. Edge processing and control. Can the platform do edge analytics without human intervention?

The billions of IoT devices have created new company vulnerabilities, making cybersecurity crucial. It's vital to address customer privacy concerns and protect critical equipment. 

How leaders can tackle IoT cybersecurity:

• understand what IoT security will mean for your industry
• set clear roles and responsibilities for IoT security
• hold strategic conversations with regulators and collaborate with other industry players
• view cybersecurity as a priority for the entire product life cycle
• transform mindsets and skills
• create a point-of-contact system for external security researchers

IIoT is among the advanced manufacturing technologies collectively referred to as Industry 4.0, or the Fourth Industrial Revolution.

IIoT can:

• Drastically reduce downtime
• Open up new business models
• Improve customer experience
• Make organizations more resilient

Internet of Things B2B solutions accounts for the majority of economic value up to now.

In B2B settings, combining IoT and AI can improve the predictive-maintenance capabilities of machines while empowering service providers to evaluate the health of their assets in real-time.

Factors that can accelerate the adoption of IoT solutions:

1. The perceived value proposition
2. Affordable technology
3. Networks, which create the backbone of IoT

Factors that could constrain adoption.

1. The need for change management
2. Interoperability issues
3. Installation challenges
4. Concerns about cybersecurity and individual privacy

Companies must embrace the technology at scale to see the benefits of IoT.

Seven actions for scaling IoT:

1. Decide who owns IoT in the organization
2. Design for scale from the start
3. Deploy multiple use cases
4. Invest in technical talent
5. Change the entire organization, not just the IT function
6. Drive for interoperability
7. Proactively shape your environment by building and controlling IoT ecosystems