Internet of things
Source: ZDNET

The Internet of Things (IoT) has emerged as one of the most promising fields of technological growth in recent years. It’s a simple concept.

The Internet of Things (IoT) refers to the network of everyday devices, vehicles, appliances, and other items embedded with (often tiny) computers that enables them to exchange and analyze data. Smart home devices like Amazon’s Alexa or the Google Home are some of the most common examples of IoT devices.

According to a recent report by McKinsey & Company, one of the most respected consulting firms in the world, IoT has the potential to unlock a staggering $12.6 trillion in value for businesses.

This astounding figure highlights the transformative power of IoT and the great opportunities it presents for businesses across various sectors.

In a bid to key into this vision, Onymos, the developer of a Features-as-a-Service platform, has announced its expansion into the IoT ecosystem.

McKinsey Delves Into the Internet of Things (IoT) Potential

The Internet of Things (IoT), which was previously an idea deliberated and explored exclusively in labs, research institutions, and tech companies, has now become widely accepted.

Today, enterprises and individuals are embracing IoT solutions to enhance their operations, control tangible resources, and improve health and overall wellness, including other applications.

The potential of the IoT could be further amplified by technological advancements like 5G mobile networks, edge computing, and advanced analytics.

In 2015, McKinsey’s report, titled “The Internet of Things: Mapping the Value Beyond the Hype,” delves into the potential economic impact of IoT and spotlights how it can revolutionize industries and create new business models.

By 2021, the company revisited these analyses to determine the extent to which the value has been realized.

This touched on the prediction of the potential growth of IoT in the next ten years and identified the factors influencing these outcomes.

The IoT can unlock substantial and expanding economic worth. According to McKinsey’s analysis, the IoT could generate a global value ranging from $5.5 trillion to $12.6 trillion by 2030.

This estimate encompasses the value gained by consumers and customers through their utilization of IoT products and services.

McKinsey Notes the Important Areas for IoT Economic Impact

The McKinsey research has yielded extensive conclusions regarding the progression of the IoT and its effects, thereby employing a bottom-up methodology.

These conclusions encompass insights into IoT’s economic potential and include a comprehensive analysis of the underlying factors driving these transformations.

The study analyzes nine key application areas where IoT can make a significant impact, including manufacturing, healthcare, retail, smart cities, and more.

IOT-ceros

In the manufacturing sector, for instance, IoT can enable predictive maintenance, real-time monitoring of equipment, and enhanced supply chain management.

McKinsey estimates that the economic impact of IoT could create revenue of about $1.4 trillion to $3.3 trillion, or about 26% of the total economic potential, by the year 2030.

The healthcare sector also stands to benefit greatly from the technology. The report predicts that IoT could generate $0.5 trillion and $1.8 trillion by 2030, or about 14% of its overall economic potential in value in the industry.

The technology would enable remote patient monitoring, smart hospital management systems, and personalized healthcare solutions.

Retail is another sector poised for transformation through the adoption of IoT. McKinsey predicts that IoT applications in retail could generate $0.6 trillion to $1.1 trillion, representing 9 to 12% of potential economic value.

Another important area that will benefit from technology is smart cities. The report indicates that IoT applications in transportation, energy, and infrastructure could unlock $1 trillion to $1.7 trillion or 14 to 18% of total potential economic value by 2030.

While the potential benefits of IoT are enormous, realizing them comes with challenges.

The McKinsey report highlights several issues that need to be addressed – cybersecurity risks, data privacy concerns, and interoperability issues.

Overcoming these challenges requires collaboration between businesses, governments, and technology providers to establish robust standards and frameworks that ensure IoT’s secure and responsible deployment.

Onymos Boosts Enterprise App Development With IoT Expansion

Onymos is a Features-as-a-Service (FAAS) platform that has made a remarkable move by expanding into the Internet of Things (IoT) field.

onymos
Source: Onymos

This expansion aims to support the development of Internet of Things (IoT) and Internet of Medical Things (IoMT) ecosystems and applications.

The platform plans to revolutionize enterprise app development by integrating IoT capabilities into its existing platform.

Enterprises can now access these IoT capabilities through the Onymos Features-as-a-Service platform.

Onymos enhances app development and fosters innovation in various industries, such as retail, healthcare, and entertainment.

With a comprehensive set of over 20 foundational app features, including access, biometrics, and payments, companies can achieve unparalleled speed, quality, and value.

According to Shiva Nathan, the Founder and CEO of Onymos, the popularity of IoT is rapidly increasing, with industries like healthcare, agriculture, and energy embracing the technology.

However, enterprises need to establish a robust ecosystem that enables seamless connectivity and data exchange between devices and systems to fully benefit from IoT.

Nathan stated that Onymos’ IoT solution offers engineering teams and developers the essential elements to establish the ecosystem necessary for the smooth operation of devices and systems.

With Onymos, enterprises can equip their engineering teams with the necessary framework to build robust IoT and IoMT ecosystems.

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