The USA Presidential Office (during Obama´s presidency) has recently published a report predicting the loss of 3.1 million professional drivers working today due to autonomous vehicles. Furthermore, according to an OCDE study, an average of 9% of the current jobs in countries of the OCDE can potentially be automated. It gets as high as 12 % in the case of Spain or Austria.
I will not evaluate the social challenge that arises (moreover given the fact that most of the job losses will be from the lower part of the salary range). I will focus on the great opportunity arising for the companies that are well positioned in the so-called 4th Industry Revolution or Industry 4.0.
A report from the McKinsey Global Institute sized the market potential of IoT in 4-11 trillion USD in 2025. We are talking about 11% of the worlds’ total economy.
IoT understood as “sensors and actuators connected by networks to computing systems”, will be in the epicenter of this new revolution. Companies that wish to survive in this new paradigm will have the need to:
- Understand what digitalization means and brings to the core business
- Develop proper integration between the different layers producing information
- Deliver value on top of the new capabilities
In order to achieve the full potential of IoT, it is key that applications, software, firmware and finally hardware are designed and developed with this new vision in mind and the capability to evolve with the different iterations of the product. Is your company ready?
We will continue talking much more about IoT and the next revolution to come; stay tuned visiting our blog, Twitter and Facebook account.
Article written by Isidro Nistal, Founder and Chief Product Officer at Barbara IoT.