March 20198 IN MY V EWINTERNET OF THINGS: UNRAVELING A NEW WAVE OF OPPORTUNITIES FOR HOME APPLIANCESBY JAI THAMPI, HEAD - IOT AND DIGITAL TRANSFORMATION, APAC & MEA, ELECTROLUX The Internet of Things (IoT) is all about linking digital and physical worlds. A McKinsey global analysis estimated that IoT could uncover economic impact of trillions of dollars by 2025, as the number of connected `things' will reach many tens of billions. A lion's share of this comes from Industrial IoT (IIoT) delivering productivity gains in business-to-business applications. But what about consumer applications? What can IoT do for us in our day-to-day lives at home?The estimated value of time spent annually on domestic chores is more than USD 20 trillion by 2025, according to McKinsey. Even a 10 percent efficiency in household activities like cooking, cleaning, washing, etc. could save society hundreds of billions. As IoT-enabled smart products simplify people's lives, this opens up incredible opportunities for home appliance manufacturers. A leader in this space, Electrolux has been shaping living for the better by creating better experiences and innovating sustainably, and it is no surprise that IoT is becoming a key enabler in our digital transformation journey.IOT WILL NO DOUBT REVOLUTIONIZE THE INDUSTRY, BUT THE TRUE WINNERS WILL BE BRANDS THAT MEANINGFULLY LEVERAGE IOT TO DELIVER SIMPLY OUTSTANDING CONSUMER EXPERIENCES
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