The report also stressed the massive economic and environmental benefits that the revolutionary technology would bring.
According to a report published on Thursday, July 13, by Software.org: the BSA Foundation, by the year 2020, roughly 50 billion devices including smartphones, TVs, watches, pipelines, and trucks, will become IoT enabled and connected to each other. The report stated that the technology could have a potentially significant impact on the global economy, boosting economic gains to up to $11.1 trillion per year by 2025.
Executive Director Chris Hopfensperger said in a statement that with the huge number of everyday items being internet enabled and equipped with computing power and software by innovators, very soon, we will have a number of revolutionary ways to affect smarter economic growth.
The report also added that these connected devices could help bring down the United States’ healthcare expenditure by a massive sum of $300 billion every year, while the energy saved by using these devices could lead to an impressive 19 percent reduction in greenhouse gas emissions. Till now, it stated, we have only scratched the surface of what IoT can achieve, and in order to help this disruptive technology succeed, industries and the government need to be willing to pitch in.
According to fifty eight percent of the decision makers who were surveyed for the report, IoT has vast strategic value for their business, while another 24 percent found it to have huge transformational potential. President of Software.org: the BSA Foundation, Victoria Espinel, stated that at the moment, we are only witnessing the start of the digital revolution, and if progressive policies are implemented to facilitate all our surrounding devices in being interconnected, the possibilities are simply endless.
Photograph: JCT 600/flickr