Global research organization Software.org: the BSA Foundation announced that by the year 2020, there will be more than 50 billion IoT connected devices on the planet. The report says that by 2025, Internet of Things will acquire the ability to develop up to $11.1 trillion a year.
In a statement, Executive Director of Software.org: the BSA Foundation, Chris Hopfensperger said, "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".
Every year, US is investing $300 billion on healthcare. The report declared that IoT connected devices can decrease the investments of US on health care. Internet of Things devices also scale down the percentage of emission of greenhouse gases by 20%. Today, traffic congestion is one of the major problems in metropolis and this can be avoided with the help of connected devices.
"We are only at the beginning of the digital revolution, and the possibilities are endless," said Victoria Espinel, President, Software.org: the BSA Foundation.
The Report declared that in a survey, 58% of decision makers said that IoT is essential to their business and 24% saw it as an evolution. The study asserts that government should help in developing this technology.