Open standards used to deploy Internet of Things (IoT) technology could cut costs by 30% and accelerate the growth of smart cities, according to a new research report.

Machina Research estimated that cities around the world deploying smart tech for traffic and water control and other systems could spend $1.12 trillion by 2025 with currently-available technology, much of it proprietary. With widespread use of open wireless standards like Bluetooth Low Energy and OneM2M, those costs could be reduced by $341 billion, down to $781 billion.

In addition, Machina estimated that using standards-based IoT would yield a 27% increase in the number of connected devices in smart cities by 2025, which could then improve the adoption of smart city apps.

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