The U.S. government is planning to invest more in the new technologies related to the Internet of Things.
According to a report by Govini, up from $7.7 billion in the fiscal year 2014, the federal government spent $8.8 billion in the fiscal year of 2015. Overall, from the fiscal year 2011 through the fiscal year 2015, the federal government spent almost $35 billion on IoT solutions.
The report analyzed the government's IoT investments on three categories. The first category is the infrastructure comprised of sensors, wireless devices and cloud storage. The second category is made up of software including database software, tools for processing, extracting and transmitting data, device-based apps and analytics. The third category is composed of cybersecurity solutions for IoT devices' protection.
During the fiscal years 2011 to 2015, the most investment was attracted by device-based apps, at $10.7 billion. At $8.6 billion, cybersecurity was second. Wireless devices were on the third place, at $4.5 billion.
According to Business Insider, the increase in research and development by the merchants, academic institutions and government could help tweak some of the IoT sensor applications for consumers. For instance, the military biosensors could be used in hospitals to track patients' health.
It is expected that government spending on IoT solutions will continue to rise. The governmental financing will move more toward civilian use cases, such as connected cars and sensors for smart cities.
The surge in government spending is highlighting the fact that the IoT Revolution is picking up speed. Tech experts prevision that this will change how people work, live, entertain, travel and more.
Forbes predicts that the Internet of Things will reach over the coming decade an almost inconceivable size. According to Directions Magazine, countless IoT devices may spread across the entirety of the Earth, collecting and broadcasting data about their surroundings, including weather conditions, flood levels, air quality, bus location, parking spot availability and many other data points not yet considered.