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From smart home devices to sensor-laden factories, the Internet of Things (IoT) is poised to generate trillions of dollars in value by the end of the decade, according to a new report from the McKinsey Global Institute (MGI). Axios reports: MGI estimates by 2030 the IoT could enable between $5.5 trillion and $12.6 trillion in value globally. About 65% of that value is projected to be created in business applications, like smart factories or offices, rather than consumer applications like internet-connected robot vacuums. The IoT economy is predicted to lean toward developing countries -- which benefit from being able to build smart facilities from the ground up rather than retrofitting -- and China in particular, which MGI expects will generate more than a quarter of all IoT value by 2030. It's far from certain all of this economic value will be realized. [...] Whether the many companies contributing to the sector agree on interoperability standards that would make the physical IoT more like the digital, highly interoperable internet. Up to three-quarters of the high-end estimates for future IoT value depend on establishing interoperability, Chui notes, while cybersecurity concerns will remain a lingering headwind.