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IoT set to change the world

Opr./edited AZ 12 September 2018
WORLD According to KPMG, IoT is set to revolutionise the modern world with investment in the technology set to rise to almost USD 1.1 tln by 2021.

According to The Changing Landscape of Disruptive Technologies’ report, IoT is set to revolutionise business and will lead to numerous new consumer products in the coming years. KPMG surveyed 767 directors in technology companies, of whom 17 pct pointed to IoT as being the source of the most disruptive changes over the coming years. Around 13 pct selected artificial intelligence and 10 pct robotics. A total of 14 pct said we would derive major benefits from IoT for both society and the environment and the sectors that were to see the greatest changes would be the media (18 pct), the car industry (16 pct) and retail (11 pct). The IoT is predicted to have the greatest impact on business in the UK, Japan, USA, China and India. Profits and productivity will rise and costs will be reduced.

Artificial Intelligence, which those surveyed judged to be the second most disruptive innovation, will have its biggest impact in the US, Japan, Indian and the UK. KPMG estimates that USD 52.2 bln is to be invested in cognitive AI by 2021, while investment in robotics and drones should come to USD 218.4 bln. The leaders in this field are Japan, China and the US. According to those surveyed, the biggest barriers to technological innovation are restrictive regulations, a shortage of people with the specialist skills and knowledge and a lack of technical standards.

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