The last several years have brought about significant advances in information technology (IT), representing an evolution of IT from a specialized tool into a pervasive influence on nearly every aspect of everyday life. This transformation, known as the Internet of Things (IoT), refers to this ubiquitous internet connectivity, where people don’t just interact with devices, but devices also interact directly with each other. Connecting sensors in everyday objects to computer networks is a crucial part of the Iot, but the greatest value will be generated by the massive increase in new data and the application of advanced analytics.
The IoT will play a major role in the future of the global economy, with the potential to improve health outcomes, streamline and enhance financial services, strengthen education and learning, and improve our physical infrastructure. A 2015 report by McKinsey & Co. estimates that the economic benefit from the IoT ranges from $4 trillion to $1 trillion between now over the next decade. Different sectors of the economy will experience different levels of utility, but consumers, citizens, and society as a whole stand to benefit greatly from the IoT.
This briefing will provide a panel of presentations from industry and thought leaders about the transformative benefits of IoT technologies and services, and how public policy can adapt to enable these benefits while ensuring that the IoT meets the needs of citizens, businesses and governments around the world.