The connected living market, which includes the sharing economy, smart meters and more, is set to be worth $1 trillion (£658bn) by 2020 and the UK is set to account for a five per cent share of the market, according to PwC.
The company announced its development into the Middle East, following the growth of smart cities and interest in wearables.
With chancellor of the exchequer George Osborne’s announcement that the government will pledge £40 million in funds to develop applications for the Internet of Things and Smart Cities as part of the 2015 budget, it got me thinking about how this funding could be utilised to best effect.
While the chancellor's speech lasted a little over an hour, the 2015 Budget document itself is a 124 page-long tome detailing the exact policy the Treasury spent weeks putting together. As such, Real Business had a look to find out what you might have failed to pick up on.
The New Economy has recently revealed the 20 cities it deems the most likeliest to drive change in the future, and the UK is nowhere to be seen on it.
In a 2013 Bosch survey on the impact of soaring energy prices, it stated that 89 per cent of consumers believed companies should do more to improve energy efficiency in their products. The message is clear: people believe in environmentally friendly products and request them from the market.