Futurist-minded techies have begun to embrace the Internet of Things (IoT), but the technology will become more mainstream in a decade, according to a recent economic forecast from consulting firm McKinsey. The economic impact could range between $3.9 trillion and $11.1 trillion per year by 2025, and the upper figure represents as much as 11 percent of the world economy. The estimate is staggering considering the IoT is still “in the early stages of growth,” notes the report. The technology has considerable potential, but getting it to become a more established industry could be challenging, writes Catherine Clifford. One of the main reasons why Internet-connected devices are so rare is due to the need for each device to have its own separate operating system. “We are going to go through this phase where we have 10 to 15 different devices, and they will just be notifying the hell out of you, and you will have to turn them off manually,” says Gareth Price, director of technology for Ready Set Rocket. Also, the buildings and city infrastructure where we live and work in will have to become embedded with Internet connectivity for devices to seamlessly and continuously work, according to Clifford. | Read More
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