As many as 50 billion devices, ranging from smartphones and TVs to watches, pipelines and trucks, will be connected by 2020, a new report said. According to a report by global research organisation Software.org: the BSA Foundation, Internet of Things (IoT) has the potential to drive huge economic gains, generating up to $11.1 trillion a year by 2025 in global economic impact. Also Read - India's CCI must introduce anti-competitive practices for global tech giants, allow Indian businesses to flourish
“Innovators are taking everyday things and making them infinitely better by adding computing power and software, and connecting them to the Internet. These devices open the door to smarter ways to grow our economy,” said Chris Hopfensperger, Executive Director of Software.org: the BSA Foundation, in a statement. Also Read - Mi Notebook Pro X to be Xiaomi's most expensive laptop yet, launch tomorrow
The report claimed that the connected devices can reduce the cost of the US’ spending on health care by $300 billion annually and energy savings gained by connected devices, could reduce greenhouse gas emissions by as much as 19 percent. The report argues that only the surface of what IoT can achieve has been scratched, and industry and government must be prepared to help this emerging technology succeed. ALSO READ: Internet of Things to grow rapidly in India by 2020: Report
Fifty eight percent of decision makers surveyed for the report said IoT is strategic to their businesses and another 24 percent saw it as transformational. “We are only at the beginning of the digital revolution, and the possibilities are endless,” said Victoria Espinel, President, Software.org: the BSA Foundation. Espinel stressed on implementing better policies to accompany and enable all devices around us become connected.