The UK government is
to spend an extra £45m on research for the development of “internet of things”
technology as it hopes to lead the new industrial revolution alongside Germany.
Speaking at the CeBIT technology trade show in Germany on 9th
March, UK Prime Minister David Cameron said that the UK government would pledge more than double
the current funds available to UK technology firms, working on devices that can
communicate over the internet. This additional £45m of funding brings the total
pot to a whopping £73m!
Providing it with the simplest of definitions, “Internet of
Things” refers to devices that can sense aspects of the real world – such as temperature,
lighting, the presence or absence of people, etc. – and report or act upon that
real-world data. At present, most data on the internet is being produced
and consumed by people. It is about making information increasingly
produced and consumed by machines. For example - an internet connected water pipe can automatically warn of a drop
in pressure. It is hoped that this technology will provide a means of boosting productivity, keeping us
healthier, making transport more efficient, reducing energy needs and even
tackling climate change.
The Prime Minister hopes for the UK and Germany to lead this
new “industrial revolution”:
"I see the internet of things as a huge
transformative development - a way of boosting productivity, of keeping us
healthier, making transport more efficient, reducing energy needs, tackling
climate change," he said.
"Take British ingenuity in software,
services and design, add German excellence in engineering and industrial
manufacturing and together we can lead in this new revolution."
US research
firm Gartner forecasts the market to be worth $300bn by 2020, with nearly 26
billion devices connected to the internet of things.
Sources: Marketing Week, BBC
The Industry Report Store has a newly written report comprehensively covering the Internet of Things market to 2016. The report provides essential insight into the market trends, drivers, challenges and opportunities, as well as SWOT overviews of the major companies operating within the market.
The Industry Report Store has a newly written report comprehensively covering the Internet of Things market to 2016. The report provides essential insight into the market trends, drivers, challenges and opportunities, as well as SWOT overviews of the major companies operating within the market.
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