A new report is suggesting there is a direct correlation between the increase in Internet-of-Things connected devices and increases in an economy’s productivity.

Ericsson Research worked with Imperial College London to look at the link between IoT and economic development and found that for every ten per cent increase in the number of connected devices, the economy improved 0.23 per cent.

That’s equivalent to being worth US$197 billion globally, based on 2018 GDP.

Macroeconomics Master Researcher Harald Edquist comments, “Increased productivity will release resources that make it possible to improve other important sustainability goals such as health, pollution, security and education.”