UK Prime Minister David Cameron has committed more funds to finance research in the field of Internet of things and a grant for startups focused on the space, VentureBeat reported.  

UK Prime Minister David Cameron said £45 million in research funding will be allocated for the new technology field, bringing to £73 million in funds the UK has reserved for the Internet of things. In addition, a £1 million European grant fund will also be available to back startups that will be focusing their work on the Internet of things, the report said.

In an announcement made by his office today, Cameron is expected to say at a CeBIT conference in Germany on the Internet of things, "These are developments that could allow literally billions of everyday objects to talk to each other over the internet - using low-cost, low-power chips. And this has enormous potential to change our lives." Cameron will cite as examples grid-smart electricity meters that provide consumers with the best deals, heart rate health monitors and water pipes that issue warnings when the pressure will drop.

Cameron will also say, "I see the Internet of Things as a huge transformative development - a way of boosting productivity, of keeping us healthier, making transport more efficient, reducing energy needs, tackling climate change."

The Internet of things refers to the field where devices equipped with sensors are linked to the web. The financing and the government stamp of approval on the space also coincides with the forecast of an analyst that this will be the year of the Internet of things, the report said.

Tech giants like AT&T, Cisco, Intel, Microsoft and Salesforce.com are also making bets on the rapidly-growing space. For their end, investors are also busy seeking Internet of things-focused startups to support, the report said.

Cameron is also expected to state the three particular areas where UK intends to collaborate with Germany. These include Internet of things, 5G Internet speeds and growing the digital single market of the EU, the announcement said.