McKinsey speculates that there would be an acceleration in the value of IoT, hence, delivering significant economic potential. The company thinks that by 2030, it can enable about $12.6 trillion in value globally across multiple settings that include manufacturing, healthcare, business-to-business (B2B) applications, and more. However, the firm does emphasize that there are impediments to uptake and adoption that needs to be overcome for the company to fully grasp the possibility of IoT.
Charlene Van Onselen, Executive Committee Member of the IoT Industry Council of South Africa Speaks
Charlene van Onselen, Executive Committee member of the IoT Industry Council of South Africa (IOTIC) acknowledges that IoT is a treaty that’s slowly starting to move beyond lip service and into delivery, but that needs considerable reinforcement to reach that point.
“We’re already seeing an increase in connected sensors and the ubiquitous use of IoT applications,” she says. “Over the past few years, we’ve started using improved, cheaper, and more pervasive technology that allows for organizations to connect even more things and in ways that deliver even more value. Despite some false starts and slow beginnings, IoT is rapidly proving itself to be the tool that the organization needs to create intelligent decision-making systems that improve quality of life and workplace.”
She Emphasis the Need for Collaboration and Support
“There is a need for increased collaboration between ecosystem players to improve knowledge sharing and to create new working models,” says van Onselen. “This would potentially allow for ecosystem players to reduce the cost burdens and then diversify and create scale.
“In some sectors, South Africa is leading the way on the global stage because some companies are innovating and using available solutions faster than others. There has also been a shift in awareness around the value inherent in IoT network technologies such as SigFox, LoRA, and NB-IoT and there has been a rise in the number of sectors that have realized tangible value from IoT implementations within the business.