New York, April 1 (IANS): Technology giant IBM has announced that it will invest some $3 billion over the next four years to create a new unit dubbed the Internet of Things (IoT) based on the interconnection of everyday objects with the web.

The company, as it explained in a communique on Tuesday, seeks to make use of its experience in this field and the data that it compiles to offer new solutions for the business world, Efe news agency reported.

"Our knowledge of the world grows with every connected sensor and device, but too often we are not acting on it, even when we know we can ensure a better result," said Bob Picciano, senior vice president, IBM Analytics.

"IBM will enable clients and industry partners to apply IoT data to build solutions based on an open platform," Picciano said, adding that "this is a major focus of investment for IBM because it's a rich and broad-based opportunity where innovation matters".

The company estimates that 90 percent of all data generated by devices such as smartphones, tablets, connected vehicles and appliances is "never analysed or acted on," a situation it plans to correct with its new Internet of Things.