UK Prime Minister pledges additional funding for the Internet of Things

Published on 11 March 2014 by in Latest News

connected home personalised customer service UK Prime Minister pledges additional funding for the Internet of ThingsUK Prime Minister David Cameron has pledged an additional £45 million of government funding to initiatives supporting the Internet of Things. Speaking in Hannover at the CeBIT conference, the prime minster made to pledge to support the United Kingdom in “a new industrial revolution.”

Cameron said that he saw the Internet of Things as a “huge transformative development”, commenting that it was a “way of boosting productivity, of keeping us healthier, making transport more efficient, reducing energy needs and tackling climate change.”

The Internet of Things is a term used to describe devices equipped with an internet connection, generating and submitting data online. The total IoT funding from the UK government currently stands at £73 million. Speaking in Germany, David Cameron said:

“These are developments that could allow literally billions of everyday objects to talk to each other over the internet…And this has enormous potential to change our lives: electricity meters that talk to the grid to get you the best deals; health monitors that keep an eye on your heart rate; water pipes that warn of a fall in pressure.”

The pledge from the prime minister follows Gartner research which says that, by 2020, items classified in the Internet of Things will have increased to over 26 billion units. Meanwhile, industry house IDC estimates that the market is currently worth $8.9 trillion.Internet of things customer service1 UK Prime Minister pledges additional funding for the Internet of Things

The Internet of Things has huge implications for those working in customer service, with devices in the home and office being able to transmit data regarding a potential fault before the product breaks. The technology has the potential to significantly reduce operational costs for businesses, effectively removing the need for an individual to contact a customer support team in order report a break or problem.

Commenting on the trend, Ed Thompson, Vice President at Gartner Research said:

“It [The Internet of Things] is starting to develop completely new services and completely new economies. There are a whole heap of different things that are being enabled by the fact that the costs of chip sensors is now so low that it is affordable to stick it on to anything you like and then collect that data.”

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