Smart phones have become ubiquitous globally while a number of types of smart wearable devices such as watches, bracelets and glasses have only recently been launched. In addition, the proliferation of other smart devices with embedded intelligence, the ability to sense and the ability to communicate with other devices has only just begun. By some estimates, there could be as many as 30 billion "smart things" in the world by 2020. Attention is now focused on personal and consumer devices but smart things will extend beyond this to areas such as the transportation and industrial sectors.

As machine-to-machine connectivity and the Internet of Things (IoT) revolution will fundamentally transform our world in the next 10 years, the integration of complex physical machinery with networked sensors and software, or the "Industrial Internet", will be a key factor for economic growth, jobs and competitiveness.

At this Premium Event lunch, our special guest speaker will give an overview of the latest research findings from the WEF's cross-industry project which explores the role of the Industrial Internet in leveraging business and socio-economic opportunities across the manufacturing and energy sectors.

Among other subjects he will discuss the potential of the Industrial Internet to improve operational efficiency in terms of tracking, optimizing, predicting, and actuating. He will discuss the potential emergence of new business models, the impact on the workforce, and the implications to public policies and the IT industry to foster the development of the Industrial Internet.

Derek O'Halloran is the Head of Information Technology Industry at the World Economic Forum, responsible for the CEO-led community of the world's leading IT companies and for shaping the technology agenda for the broader organization. The World Economic Forum provides a neutral platform for business leaders, policymakers, civil society and academics to convene and define the agenda at the global, regional and industry level. O'Halloran manages the Global Agenda Councils on the Future of Electronics and the Future of Software and Services which convene leaders and thought leaders within the broader industry eco-systems. He also leads the forum's cross-sectoral work on the Internet of Everything and Cyber Resilience. Prior to working with the forum, O'Halloran worked within the IT industry in a number of business roles across Asia, the United States and Europe, serving both private and public-sector clients. O'Halloran holds an MPA in International Finance and Economic Policy from the School of International and Public Affairs at Columbia University and an MA Hons in Philosophy from the University of Edinburgh. He is a graduate of the Global Leadership Fellowship Programme at the WEF.