According to McKinsey Global Institute, the Internet of Things (IoT) has the potential to create an economic impact of $2.7 trillion to $6.2 trillion annually by 2025. In this context, the market is ready for a very large-scale disruption in terms of transaction and economic models. This will open up the possibility for small and nimble businesses to carve out novel opportunities to create new value through innovative offerings predicated on highly connected and data driven future.
The IoT is not a futuristic technology trend. According to a Microsoft report, IoT was actually coined nearly 20 years ago by professors at MIT to describe a world where ‘things’, which can be devices or sensors, are both smart and connected with the ability to collect and share data without human intervention.
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