IoT’s Contribution to Economic Growth

IoT significantly increases productivity: by as much as 0.2% of GDP already, and growing. Over half of these benefits are enjoyed by manufacturing businesses, making it the sector currently with the largest opportunity from using IoT. The potential gains for businesses in developing countries are substantive: enterprises already save 4-5% of costs with relatively low deployment. Governments can encourage further economic growth: the right policies can stimulate IoT adoption by businesses – this can sharpen their countries’ business sector competitiveness and result in higher tax revenues.

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