Through early detection, sensors could also help reduce property damage from water leaks and fire.Our sensors detect home leaks are already being sold. Use of such IoT systems could help reduce home insurance premiums by up to 10 percent, we estimate. In total, it is estimated that the economic benefit of IoT-based safety and security systems could be $15 billion to $20 billion per year.
IoT-enabled energy management applications could have an economic impact of $50 billion to $110 billion globally in 2025 through savings on heating, air conditioning, and overall electricity use. IoT devices could help reduce electricity bills by ensuring that devices are powered on only when necessary and by reducing usage when energy is most expensive. Our smart thermostats save 20 percent off heating and air-conditioning bills by turning on these systems only when occupants are expected to be home.