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The Internet of Things: Mapping the Value Beyond the Hype June 2015

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The Internet of Things: Mapping the Value Beyond the Hype June 2015 THE INTERNET OF THINGS: MAPPING THE VALUE BEYOND THE HYPE JUNE 2015 HIGHLIGHTS 23 37 70 Interoperability Human health Predictive maintenance Integrating multiple Cutting the costs of chronic Using real-time data IoT systems enables disease treatment by as to predict and prevent 40 percent of much as 50 percent breakdowns can reduce potential value downtime by 50 percent In the 25 years since its founding, the McKinsey Global Institute (MGI) has sought to develop a deeper understanding of the evolving global economy. As the business and economics research arm of McKinsey & Company, MGI aims to provide leaders in commercial, public, and social sectors with the facts and insights on which to base management and policy decisions. MGI research combines the disciplines of economics and management, employing the analytical tools of economics with the insights of business leaders. Our “micro-to-macro” methodology examines microeconomic industry trends to better understand the broad macroeconomic forces affecting business strategy and public policy. MGI’s in-depth reports have covered more than 20 countries and 30 industries. Current research focuses on six themes: productivity and growth, natural resources, labor markets, the evolution of global financial markets, the economic impact of technology and innovation, and urbanization. Recent reports have assessed global flows; the economies of Brazil, Mexico, Nigeria, and Japan; China’s digital transformation; India’s path from poverty to empowerment; affordable housing; and the effects of global debt. MGI is led by three McKinsey & Company directors: Richard Dobbs, James Manyika, and Jonathan Woetzel. Michael Chui, Susan Lund, and Jaana Remes serve as MGI partners. Project teams are led by the MGI partners and a group of senior fellows, and include consultants from McKinsey offices around the world. MGI teams draw on McKinsey partners and experts. Leading economists, including Nobel laureates, serve as MGI advisers. The partners of McKinsey & Company fund MGI’s research; it is not commissioned by any business, government, or other institution. For further information about MGI and to download reports, please visit www.mckinsey.com/mgi. McKinsey Telecommunications, Media, and High Technology Practice The McKinsey Telecommunications, Media, and High Technology (TMT) Practice was established to better address the convergence and synergies in these three sectors. The TMT Practice serves clients around the world in all areas of the TMT industry. The Practice has deep functional expertise in capability-building and transformation, product development, operations, network technology, IT purchasing, and supply chain, as well as customer lifecycle management, pricing, branding, distribution, and sales. TMT has developed perspectives on how new business models and disruptive technologies influence these industries. McKinsey Business Technology Office The Business Technology Office (BTO) serves clients in all sectors on top technology issues facing their executives, helping them understand the long-term technological forces impacting their businesses. BTO develops IT strategies that are tightly aligned to business goals, uses technology to digitize business processes, and designs corresponding organization and governance approaches. We also optimize our clients’ enterprise architecture, infrastructure, and applications management. Copyright © McKinsey & Company 2015 THE INTERNET OF THINGS: MAPPING THE VALUE BEYOND THE HYPE JUNE 2015 James Manyika | San Francisco Michael Chui | San Francisco Peter Bisson | Stamford Jonathan Woetzel | Shanghai Richard Dobbs | London Jacques Bughin | Brussels Dan Aharon | New York PREFACE By blending physical and digital realms, the Internet of Things (IoT) vastly expands the reach of information technology. The myriad possibilities that arise from the ability to monitor and control things in the physical world electronically have inspired a surge of innovation and enthusiasm. The sweeping changes that IoT can bring to how companies manage physical assets, how consumers attend to their health and fitness, and how cities operate have also inspired visions of a very different future, as well as a good deal of hype. McKinsey has been involved in the Internet of Things over the years and we have seen how rapid advances in technology and know-how have exceeded our expectations—and yet how difficult it will be to obtain the greatest benefits of IoT implementations, which require creating highly complex systems and coordinating technology, investment, and talent across both space and time. This research is a collaboration between the McKinsey Global Institute and McKinsey’s Telecommunications, Media, and High Technology Practice. It builds on more than five years of previous research as well as knowledge developed in work with clients across industries. Our goal has been to determine more clearly how IoT applications create value for companies, consumers, and economies. To distinguish between the hype and the reality, we focus on actual “use cases” that exist today or are likely to be implemented in the next 10 years. We also estimate potential value using a “settings” perspective—how IoT technology is used in physical environments such as cities or factories. This allows us to see how much additional value can be captured when IoT applications interact with one another and with other information systems. MIchael Chui, an MGI partner, James Manyika and Jonathan Woetzel, MGI directors, and Peter Bisson, director of McKinsey’s TMT Practice in North America, led this effort. Dan Aharon led the research team, which included Wei-Chuan Chew, Krishna Esteva, Vasanth Ganesan, Faheem Kajee, and Saurabh Mittal. We are grateful for the generous contributions of time and expertise from McKinsey colleagues from many practices and functions, including members of the Business Technology Organization (BTO). We thank MGI Director Richard Dobbs, and McKinsey Directors Jacques Bughin, Tor Jakob Ramsøy, and Dilip Wagle. Geoffrey Lewis provided editorial support and Julie Philpot led production with Marisa Carder, senior graphic designer. We also thank MGI external communications director Rebeca Robboy, Tim Beacom (knowledge operations specialist), and Deadra Henderson (manager of personnel and administration). McKinsey colleagues Bede Broom, Greg Gilbert, Saum Sutaria, Jordan Van Laer, and Sri Velamoor provided insight on human health. Venkat Alturi, Naveen Sastry, Jeremy Schneider, and Shekhar Varanasi helped with home and office settings. Taylor Larson, Dev Patel, Roger Roberts, and Khiloni Westphely provided input on retail environments. Jamie Cattell, Richard Kelly, Brian Milch, Sree Ramaswamy, and Dominik Wee helped with factory settings (including hospitals). We thank Rocco Colazonte, Christopher Forr-Rydgren, Alex Liebman, Mukani Moyo, Frederic Remond, Richard Sellschip, and Richard Ward for their support on worksite industries (mining, oil and gas, and construction). Michele Bertoncello, Jürgen Müller, O Sung Kwon, and Robin Riedel gave insights about IoT in vehicles and outside settings. Our research on IoT in cities was aided by Adrian Booth, Shannon Bouton, Tyler Duvall, Sergio Martin Guerrero, Jürgen Laartz, Jaana Remes, and Mikhail Savkin. Kevin Boehler, Arvind Govindarajan, Andreas A. Kremer, and Andrew Sellgren provided insights on credit risk. Senthil Muthiah and Mark Patel provided perspectives on the IoT technology value chain. We are also extremely grateful for the generous contributions of outside advisers. Our academic advisers were Matthew Slaughter, founding director, Center for Global Business and Government, Tuck School of Business, Dartmouth College; and Hal Varian, emeritus professor in the School of Information, Haas School of Business, University of California, Berkeley. We also thank the industry experts whose insights helped shape this work: Tim O’Reilly, CEO, O’Reilly Media; Jane Sarasohn-Kahn, founder, Think-Health; Andrew Rosenthal, group manager: wellness and platform, Jawbone; Rick Scully, chief executive, Remote Health Associates; and Tamara Wexler, director of the NYU Langone Medical Center Pituitary Center. This report contributes to MGI’s mission to help business and policy leaders understand the forces transforming the global economy, identify strategic locations, and prepare for the next wave of growth. As with all MGI research, this work is independent and has not been commissioned or sponsored in any way by any business, government, or other institution. We welcome your comments on the research at [email protected]. Richard Dobbs Director, McKinsey Global Institute Seoul James Manyika Director, McKinsey Global Institute San Francisco Jonathan Woetzel Director, McKinsey Global Institute Shanghai June 2015 © Alamy CONTENTS HIGHLIGHTS In brief 35 Executive summary Page 1 The hype has been great—the value may be greater 1. Introduction Page 17 Operations optimization The power of digitizing the physical world 37 2. Findings Page 23 Interoperability is key; most data are not used today 3. How IoT applications create value in different settings Page 35 Health and fitness Human Page 37 Home Page 50 50 Retail environments Page 56 Offices Page 63 Factories Page 66 Home automation Worksites Page 74 Vehicles Page 82 Cities Page 87 Outside Page 95 4. Enablers and barriers Page 101 Technical and human issues must be addressed 5. Implications Page 109 New business models and a new tech market Bibliography Page 127 IN BRIEF THE INTERNET OF THINGS: MAPPING THE
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