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IoT potentially profit $11.1 trillion annually by 2025

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Tinuku ~ Over 50 billion devices connected to the Internet of Things (IoT) by 2020. Software.org BSA Foundation reports billions of smart phone devices, TVs, watches, pipes, trucks and others will have connected connections by 2020 pushing the IoT business to have a potential profit of up to US$11.1 trillion per year by 2025 and the impact of global economy.

Tinuku IoT potentially profit $11.1 trillion annually by 2025

The global research firm, Software.org BSA Foundation, on Thursday reported research results titled Sensor Sensibility: Getting the Most From the Internet of Things that billions of everyday devices will be connected by 2020 and business potential to US$11.1 trillion per year by 2025.

"Innovators take everyday items and make it much better by adding computing technology and software to connect it to the Internet. This device is toward a smart way of building an economic base," said Chris Hopfensperger, Executive Director The BSA Foundation.

The report says the linked device will reduce the cost of spending in the United States for health care US$300 billion per year and energy savings to reduce greenhouse gas emissions by 19 percent.

The BSA Foundation says IoT is just the beginning where industry and government should be ready to help this new technology succeed. The survey concluded 58 percent of decision makers say IoT is very strategic for their business and 24 percent see it as transformational.

"We are only at the beginning of the digital revolution and the potential for the future is not limited to consumers, businesses and the community. Emphasis is on implementing better policies to accompany and enable all devices around us to connect," said Victoria Espinel, President BSA Foundation.

Technology has reached convergence point for sensors, data, connectivity, encryption, cloud and software exponentially increasing opportunities by connecting everyday things in the physical world. The BSA Foundation specifically looks at areas of business on health care, energy and environment, agriculture, urban development and transportation

The report also underscores the full impact of IoT and important challenges must be addressed by employers, organizations and governments to consider security, privacy, labor, data flow, standardization, intellectual property and cloud adoption.

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