Recent insights into New Zealand’s IoT* technology’s economic impact reveal a projected surge potentially boosting GDP by $15.8 billion by 2030. Conducted by NERA Economic Consulting for a local telco, this comprehensive research illuminates IoT’s potential for substantial GDP growth across sectors. An expected 132% rise in IoT connections by 2030, averaging 11.3% annually, contributes to this trend.
As reported by Scoop, this study blends global and local data using top-down and bottom-up methods. It unveils IoT’s broad economic impact on productivity indicators, estimating cost savings and efficiencies for industries and businesses.
Michele Wong, IoT study lead, underscores tech’s role in enhancing sustainability and productivity across sectors. Wong explains, “As businesses adopt IoT benefits, tech efficiencies will permeate supply chains, infrastructure, and industry-wide usage.”
The study highlights construction, projecting $12.9 billion IoT-driven efficiencies by 2032. Dempsey Wood’s Adroit collaboration uses Cat-M1 IoT to monitor emissions at sites, vital for compliance, safety, and satisfaction. IoT mitigates breaches, ensuring timely, cost-effective projects.
Additionally, the study indicates that water metering solutions could yield a net benefit of $28 million by 2027. This aligns with the ongoing adoption of IoT solutions by councils nationwide to optimize water usage management.
In essence, this technology facilitates real-time monitoring of physical assets and natural environments, yielding actionable insights that drive improved business operations and informed decision-making.
*Internet of Things (IoT) is a smart device or a network comprising devices. These devices possess the ability to establish internet connections, collect data, and engage in data interchange with other devices. Examples of IoT technology include home security systems, fitness trackers, health monitors, universal remotes, and voice-controlled speakers. (Source: CertNz)