It is one of just seven sectors that, fueled by advanced connectivity, will contribute $2 trillion to $3 trillion in additional value to global GDP over the next decade, according to research by the McKinsey Center for Advanced Connectivity and the McKinsey Global Institute (MGI) (see sidebar “The future of connectivity”).
This would amount to a 7 to 9 percent improvement from its expected total and would alleviate much of the present pressure on farmers. If connectivity is implemented successfully in agriculture, the industry could tack on $500 billion in additional value to the global gross domestic product by 2030, according to our research. Without a solid connectivity infrastructure, however, none of this is possible. And mission-critical services will take advantage of ultralow-latency, high-reliability, and high-security connections. Massive use of Internet of Things (IoT) applications and use cases will be enabled as new technologies allow very high device densities. Near-global coverage will allow the expansion of use cases even to remote areas and will enable constant connectivity universally. Together, these technological developments will unlock powerful new capabilities across industries. In addition, new types of more revolutionary-and more capital-intensive-frontier connectivity, like high-band 5G and low-Earth-orbit (LEO) satellites, will begin to come online. At the same time, new generations of these technologies will appear, with upgraded standards. Over the next decade, existing technologies like fiber, low-power wide-area networks (LPWAN), Wi-Fi 6, low- to mid-band 5G, and short-range connections like radio-frequency identification (RFID) will expand their reach as networks are built out and adoption grows. As the world experiences a quantum leap in the speed and scope of digital connections, industries are gaining new and enhanced tools to boost productivity and spur innovation.
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