The Internet of Things (IoT), once
merely a concept debated and
discussed only in laboratories, think
tanks, and technology companies,
is now mainstream. Companies and
consumers are seeking to employ
IoT solutions to improve operations,
manage physical assets, and improve
health and well-being, to offer three
examples. Technological advances,
including 5G mobile networks, edge
computing, and advanced analytics,
could increase the impact of the IoT.
Rewind the clock to 2015. Excitement
about the potential of the IoT was
growing. Against that backdrop,
the McKinsey Global Institute (MGI)
estimated the economic value the IoT
could generate by 2025.
1
In 2020, we
set out to understand how much of that
potential had been captured, consider
what had changed, and, with an updated
data set, look toward the future. Our
goal was not only to understand how
value estimates had changed but also
to go one level deeper. We wanted to
dig into why such changes in value
had occurred and what that meant at a
practical level for customers, suppliers,
investors, and policy makers.
Our research began in 2020, before
the novel coronavirus SARSCoV2
that causes COVID19 led to a global
pandemic beginning in the first
quarter of that year. The COVID19
crisis represents a threat to both lives
and livelihoods but also serves as a
market-shaping force. While this report
does not focus solely on the impact
of COVID19 on the IoT market, the
pandemic is acting as a catalyst for the
deployment of some IoT solutions and
digitalization more generally.
We owe a great deal to the wealth
of academic and technical research
published in the past ten years on the
many aspects of the IoT. Our research
also builds on the knowledge and
insights that we have gained in IoT work
with clients across settings, industries,
and use cases. We hope this report
contributes to a better understanding of
the IoT and how to capture value from it.
The effort was led by Mark Patel, a
senior partner in McKinsey’s San
Francisco office who leads the firm’s
IoT service line globally; Michael Chui,
an MGI partner in the San Francisco
office; and Mark Collins, also a partner
in the San Francisco office who
coleads the firm’s IoT service line in
North America. Theodora Koullias
and Aleksander Mohn directed the
research team, which included Philip
Arejola, Abhimanyu Arya, Adrian Chu,
Aaron Dsouza, Gwidon Famulka,
Adrian Grad, Ping Wen, and Russell
Woo. We are grateful for the generous
contributions of time and expertise of
more than 400 McKinsey colleagues
from many practices and functions,
without whose insights this work would
not have been possible. In particular,
we thank members of the McKinsey
Center for Advanced Connectivity;
the McKinsey Center for Future
Mobility; the McKinsey Digital Practice;
the McKinsey Technology, Media &
Telecommunications Practice; and
the McKinsey IoT service line. Their
assistance throughout this effort was
invaluable. In addition, we thank Allan
R. Gold and David DeLallo for their
editorial support; Leff Communications,
which led production; and Christine
Englund, who coordinated our efforts
across McKinsey.
While we are grateful for all the
input that we have received, the
report and the views expressed here
are ours alone. As with all McKinsey
research, this work is independent
and has not been commissioned
or sponsored by any business,
government, or institution.
Preface
Mark Patel
Senior partner,
San Francisco
Michael Chui
MGI partner,
San Francisco
Mark Collins
Partner,
San Francisco
November 2021
The Internet of Things: Catching up to an accelerating opportunity i
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