• From fitness trackers to smart heating systems, the Internet of Things (IoT) describes the growing network of internet-enabled devices.
  • It's also enabling smart cities and, in future, driverless cars.
  • Along with other emerging technologies such as AI, the IoT is part of the Fourth Industrial Revolution.
  • COVID-19 has accelerated the use of IoT technologies, but questions around governance remain.

From soil moisture sensors being used to optimize farmer's yields, to thermostats and thermometers, the Internet of Things (IoT) is transforming the way we live and work.

Billions of networked 'smart' physical objects around the world, on city streets, in homes and hospitals, are constantly collecting and sharing data across the internet, giving them a level of digital intelligence and autonomy.

Around a quarter of businesses were using IoT technologies in 2019, according to McKinsey, up from 13% in 2014.

And already, there are more connected devices than people in the world, according to the World Economic Forum's State of the Connected World report, and it is predicted that by 2025, 41.6 billion devices will be capturing data on how we live, work, move through our cities and operate and maintain the machines on which we depend.

The digital transformation that is taking place due to emerging technologies, including robotics, the IoT and artificial intelligence, is known as the Fourth Industrial Revolution - and COVID-19 has accelerated the use of these technologies.

IoT connections growth rate.
How COVID-19 has sped up the adoption on IoT technologies.
Image: World Economic Forum

What is the World Economic Forum doing about the Fourth Industrial Revolution?

The World Economic Forum was the first to draw the world’s attention to the Fourth Industrial Revolution, the current period of unprecedented change driven by rapid technological advances. Policies, norms and regulations have not been able to keep up with the pace of innovation, creating a growing need to fill this gap.

The Forum established the Centre for the Fourth Industrial Revolution Network in 2017 to ensure that new and emerging technologies will help—not harm—humanity in the future. Headquartered in San Francisco, the network launched centres in China, India and Japan in 2018 and is rapidly establishing locally-run Affiliate Centres in many countries around the world.

The global network is working closely with partners from government, business, academia and civil society to co-design and pilot agile frameworks for governing new and emerging technologies, including artificial intelligence (AI), autonomous vehicles, blockchain, data policy, digital trade, drones, internet of things (IoT), precision medicine and environmental innovations.

Learn more about the groundbreaking work that the Centre for the Fourth Industrial Revolution Network is doing to prepare us for the future.

Want to help us shape the Fourth Industrial Revolution? Contact us to find out how you can become a member or partner.