1 For more, see Michael Chui, Mark Collins, and Mark Patel, “ IoT value set to accelerate through 2030: Where and how to capture it,” McKinsey, Novem“ A manufacturer’s guide to scaling Industrial IoT,” McKinsey, Febru“ Smart cities: Digital solutions for a more livable future,” McKinsey Global Institute, Jand Bharath Aiyer, Jeffrey Caso, and Marc Sorel, “ The unsolved opportunities for cybersecurity providers,” McKinsey, January 5, 2022.

With strategies and partnerships aimed at the convergence of the IoT and cybersecurity, industry and consumers alike can realize the remarkable possibilities that lie ahead. Providers of integrated solutions can engage in transformative adaptations to consolidate today’s fragmented IoT and cybersecurity ecosystem.

This article explores the nature of that convergence, the opportunities it will offer, and the challenges involved in achieving it. We shouldn’t understate how significant this breakthrough could be for key applications (such as automobiles, healthcare, and smart cities). The solution lies in the convergence of the IoT and cybersecurity-the combination of any technical, functional, or commercial element of the IoT with cybersecurity to form a new, integrated whole. Chief among them is cybersecurity risk, which stands in the way of the trust needed to integrate IoT applications and networks.

Will it continue to provide incremental value amid siloed clusters, or will it unlock massive value as a fully interconnected IoT ecosystem? That “unlock”-and thus the answer to that question-depends on the transition to a truly integrated IoT network within and across industry verticals.Ĭore obstacles must be confronted to achieve such a network. The IoT, in plain terms, is the intersection of the physical and digital world, with devices of all kinds harnessing the power of interconnectivity to provide seamless experiences for consumers and businesses alike.Īt the moment, however, the IoT is at a crossroads. The Internet of Things (IoT) poses dramatic possibilities for transforming work and everyday life.

Seamless become a driver