Published: November 02, 2015
David A. Wollman
Two worlds that have operated independentlythe digital and physical worldsare now merging, creating opportunities that will transform many sectors of our society. These new smart systems are based on engineered interacting networks of physical and computational components, and are described by names such as the Internet of Things (IoT), Cyber-Physical Systems (CPS), the Industrial Internet, Smart Cities, the Internet of Everything, and more. Regardless of the terminology, however, there is wide agreement that the economic and societal implications are enormous. Estimates such as a recent study by the McKinsey Global Institute, The Internet of Things: Mapping the Value Beyond the Hype, predict potential economic impacts of several trillions of dollars per year in ten years.
Citation: NEMA Electroindustry Journal
Pub Type: Journals
Internet of Things, Cyber-Physical Systems, Industrial Internet, Smart Cities
Created November 02, 2015, Updated February 19, 2017