Predictions that the Internet of Things (IoT) will usher in a new era of prosperity get some backing in a new study by consulting firm McKinsey & Company.

The study estimates that the annual value of IoT applications may be equivalent — in the best case — to about 11% of the world’s economy in 2025. That’s based on a number of assumptions, including the willingness of governments and vendors to enable interoperability through policies and technologies.

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