Brazil banks on ‘Internet of Things’ to boost its economy

Global Business

Brazil banks on 'Internet of Things' to boost its economy

In a 2015 report, business management consultants McKinsey projected that the Internet of Things (IoT) could generate up to 11.1 trillion dollars a year in worldwide economic value by 2025. Now, the Brazilian government has presented a plan of action to try and get its share.

CGTN’s Paulo Cabral reports.

There is a special pavilion for the IoT at this years’ FutureCom Brazil, the country’s biggest Telecom Industry event. Iot essentially means connecting the physical and digital worlds, so objects can exchange data and interact with humans. It’s a key technology in driver-less vehicles, for example.

The Brazilian government projects that IoT related activities will add about 132 billion dollars to the country’s economy by 2025, according to an official study and plan of action presented at the FutureCom Conference.

The government says it will amend the country’s laws and regulations to facilitate the development of the Internet of Things and use the country’s national development bank – to support and connect key actors in this area.

“We are dedicating 40 professional to mobilize different sectors and we are particularly focusing on the agricultural sector, the health sector, and on support for the introduction of IoT in cities and in the industry.” Said Carlos da Costa from Brazil’s Development Bank.

The government wants to create a framework for the development of the Internet of Things in Brazil. Big companies and startups are already working on related projects and welcome the initiative which could generate billions of dollars in business for the country.

The ideas surrounding the Internet of Things can seem a bit mysterious to non-techies. But ready or not, it’s coming – to all of our daily lives – while creating billions of dollars in business opportunities.