The growth of the Internet of Things in physical settings, including work sites such as mining, oil and gas, and construction sites, will contribute to the booming growth of the marketplace. Interoperability and data-driven decision-making will become especially important in these industries, according to a report by McKinsey Global Institute. “The Internet of Things will enable — and in some cases force — new business models. For example, with the ability to monitor machines that are in use at customer sites, makers of industrial equipment can shift from selling capital goods to selling their products as services,” wrote the authors.
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