6 reasons why we’re underhyping the Internet of Things

[Commentary] Just when you thought the Internet of Things couldn’t possibly live up to its hype, along comes a blockbuster, 142-page report from McKinsey Global Institute that says, if anything, we’re underestimating the potential economic impact of the Internet of Things. By 2025, says McKinsey, the potential economic impact of having “sensors and actuators connected by networks to computing systems” (McKinsey’s definition of the Internet of Things) could be more than $11 trillion annually. According to McKinsey, there are six reasons we may be underhyping the Internet of Things.

1. We’re only using 1 percent of all data
2. We’re not getting the big picture by focusing only on industries
3. We’re forgetting about the B2B opportunity
4. We’re ignoring that “interoperability” could be the new “synergy”
5. We’re underestimating the impact on developing economies
6. We’re forgetting about the new business models that will be created

[Dominic Basulto is a futurist and blogger based in New York City]