Internet of Things (IoT) infrastructure and services will see spending of $ 1.7 trillion in 2020 which was $656 billion in 2014, according to a report by Wind, an Intel company.
By 2020, there will be 50 to 200 billion connected IoT devices deployed worldwide as compared to 15 billion in 2016, the report predicted.
Among the many use cases of IoT, greenhouse gases can also see a reduction of 9.1 gigatons. By 2020, €43 billion could be saved across European Union countries from IoT-enabled energy reductions.
The technology will also help save 20% water on an average through IoT soil moisture monitoring on farms. Also it will help in reducing 30% fuel consumption from cars that can communicate with each other to reduce the need to stop at intersections.
The energy efficiencies of buildings can also be improved where 1.6 gigatons of greenhouse gases could be saved using IoT technologies, the report presented.
IoT in future will be contributing towards efficiencies of various industries such as infrastructure, energy, transportation and agriculture and can also aid in reducing carbon footprint.Discover More