Abstract

A recent McKinsey report estimates the economic impact of the Internet of Things (IoT) to be between $3.9 to $11 trillion dollars by 2025. IoT has the potential to have a profound impact on our daily lives, including technologies for the home, for health, for transportation, and for managing our natural resources. The Internet was largely driven by information and ideas generated by people, but advances in sensing and hardware have enabled computers to more easily observe the physical world. Coupling this additional layer of information with advances in machine learning brings dramatic new capabilities including the ability to capture and process tremendous amounts of data; to predict behaviors, activities, and the future in uncanny ways; and to manipulate the physical world in response. This trend will fundamentally change how people interact with physical objects and the environment. Success in developing value-added capabilities around IoT requires a broad approach that includes expertise in sensing and hardware, machine learning, networked systems, human-computer interaction, security, and privacy. Strategies for making IoT practical and spurring its ultimate adoption also require a multifaceted approach that often transcends technology, such as with concerns over data security, privacy, public policy, and regulatory issues.