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The 'Internet of Things' Is Now: Connecting the Real Economy

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The 'Internet of Things' Is Now: Connecting the Real Economy April 3, 2014 MORGAN STANLEY BLUE PAPER MORGAN STANLEY RESEARCH Global François Meunier1 Adam Wood1 Keith Weiss2 Katy Huberty2 Simon Flannery2 Joseph Moore2 Craig Hettenbach2 Bill Lu3 *See page 2 for all contributors to this report 1 Morgan Stanley & Co. International plc+ 2 Morgan Stanley & Co. LLC The ‘Internet of Things’ Is Now 3 Morgan Stanley Asia Limited Connecting the Real Economy The Internet of Things is the next revolution in computing. While smartphones and the mobile internet saw the advent of applications for the consumer, we expect to see the pervasive integration of semiconductors, mobile communication, and Big Data/analytics propelling the Internet of Things into the wider economy. The two key drivers of IoT are: 1) price reduction and standardization of key hardware and software components, and 2) the level of integration with Big Data/Analytics, from which companies in various sectors can increase revenues and reduce inefficiencies. Our polling of Morgan Stanley analysts globally found that the IoT could be an opportunity for several large industries, driving potential changes in business models and/or significant cost savings. The industries with the greatest potential Internet of Things impact are: Utilities (smart metering and distribution), Insurance (behavior tracking and biometrics for Auto and Life product lines), Capital Goods (factory automation, autonomous mining), Agriculture (yield improvement), Pharma (clinical trial monitoring), Healthcare (leveraging of human capital and clinical trials), Medtech (patient monitoring), and Autos (autonomous driving). Key IoT-exposed companies we cover are Apple, ARM, Atmel, Crown Castle, CSR, Freescale, Google, Imagination Technologies Morgan Stanley Blue Papers focus on critical investment themes that require coordinated Group, Intel, Linear Technology, Microchip Technology, NXP, Realtek, Richtek, perspectives across industry sectors, regions, Salesforce.com, SAP, Software AG, Spansion, Splunk, and STMicroelectronics. or asset classes. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. * = This Research Report has been partially prepared by analysts employed by non-U.S. affiliates of the member. Please see page 2 for the name of each non-U.S. affiliate contributing to this Research Report and the names of the analysts employed by each contributing affiliate. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. MORGAN STANLEY RESEARCH April 3, 2014 The Internet of Things Is Now Contributors to This Report MORGAN STANLEY BLUE PAPER Semiconductors Leisure 1 Francois Meunier +44 20 7425-6603 [email protected] Jamie Rollo1 +44 20 7425-3281 [email protected] 2 Joseph Moore +1 (212) 761-7516 [email protected] Vaughan Lewis1 +44 20 7425-3489 [email protected] 2 Craig Hettenbach +1 (212) 761-6435 [email protected] Andrea Ferraz1 +44 20 7425-7242 [email protected] Shawn Kim4 +82 2 399-4940 [email protected] 3 Healthcare Bill Lu +852 2848-5214 [email protected] 1 Kazuo Yoshikawa5 +81 (0)3 6836-8408 [email protected] Michael K. Jungling +44 20 7425-5975 [email protected] 2 Hannah S. Harrison1 +44 20 7425-3436 [email protected] Andrew Schenker +1 (212) 761-6857 [email protected] 1 Andrew Humphrey1 +44 20 7425-2630 [email protected] Vincent Meunier +44 20 7425-8273 [email protected] 2 Charlie Chan6 +886 2 2730-1725 [email protected] David Lewis +1 (415) 576-2324 [email protected] 2 Gino Chang6 +886 2 2730-1723 [email protected] Ricky Goldwasser +1 (212) 761-4097 [email protected] Patrick A. Wood1 +44 20 7425-4107 [email protected] Software James Francescone2 +1 (212) 761-3222 [email protected] 1 Adam Wood +44 20 7425-4450 [email protected] Julie Murphy2 +1 (212) 761-3867 [email protected] Keith Weiss2 +1 (212) 761-4149 [email protected] 1 Capital Goods Sid Mehra +44 20 7425-2686 [email protected] 2 Melissa Gorham2 +1 (212) 761-3607 [email protected] Nigel Coe +1 (212) 761-5574 [email protected] Ben Uglow1 +44 20 7425-8750 [email protected] Telecom Services Lucie A. Carrier1 +44 20 7677-0884 [email protected] 2 Simon Flannery +1 (212) 761-6432 [email protected] Michael Sang2 +1 (212) 761-7092 [email protected] 2 Daniel Rodriguez +1 (212) 761-6648 [email protected] Andrew Caldwell1 +44 20 7425-2177 [email protected] Armintas Sinkevicus2 +1 (212) 761-3270 [email protected] Insurance IT Hardware Jon Hocking1 +44 20 7425-2307 [email protected] Katy L. Huberty2 +1 (212) 761-6249 [email protected] 2 Metals & Mining Jerry Liu +1 (212) 761-3735 [email protected] Menno Sanderse1 +44 20 7425-6148 [email protected] Retail 1 Agriculture Geoff Ruddell +44 20 7425-8954 [email protected] 2 Kimberly Greenberger2 +1 (212) 761-6284 [email protected] Vincent Andrews +1 (212) 761-3293 [email protected] 1 Edouard Aubin +44 20 7425-3160 [email protected] Transport Louise Singlehurst1 +44 20 7425-7239 [email protected] 2 Jay Sole2 +1 (212) 761-5866 [email protected] William Greene +1 (212) 761-8017 [email protected] 1 Anisha Singhal1 +44 20 7425-7526 [email protected] Penelope Butcher +44 20 7425-6698 [email protected] 2 Francois Halconruy1 +44 20 7425-5207 [email protected] John Godyn +1 (212) 761-6605 [email protected] Joseph Wyatt2 +1 (212) 761-4206 [email protected] Autos Utilities Ravi Shanker2 + 1 (212) 761-6350 [email protected] 2 Emmanuel Turpin1 +44 20 7425-6863 [email protected] Adam Jonas + 1 (212) 761-1726 [email protected] Bobby Chada1 +44 20 7425-5238 [email protected] Socially Responsible Investing Jessica Alsford1 +44 20 7425-8985 [email protected] 1 Morgan Stanley & Co. International plc+ 3 Morgan Stanley Asia Limited+ 5 Morgan Stanley MUFG Securities Co., Ltd.+ 2 Morgan Stanley & Co. LLC 4 Morgan Stanley & Co. International plc, Seoul Branch+ 6 Morgan Stanley Taiwan Limited See page 88 for recent Blue Paper reports. 2 MORGAN STANLEY RESEARCH April 3, 2014 The ‘Internet of Things’ Is Now Table of Contents Executive Summary ................................................................................................................................................................ 4 Technology The Software-Defined World ............................................................................................................................................ 12 Telecom Services: Lots of Promise, but Patience Required............................................................................................ 26 Semiconductors: The Race for More Standardization and Lower Cost ........................................................................... 31 Industry Examples Utilities The ‘Smart Grid Concept’............................................................................................................................................ 38 ‘Smart Grid’ Applied .................................................................................................................................................... 39 ‘Smart Water’............................................................................................................................................................... 40 Insurance ......................................................................................................................................................................... 42 Capital Goods .................................................................................................................................................................. 44 Mining .............................................................................................................................................................................. 47 Agriculture........................................................................................................................................................................ 49 Healthcare Healthcare Technology ............................................................................................................................................... 51 Healthcare Facilities .................................................................................................................................................... 54 Pharmaceuticals.........................................................................................................................................................
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