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Internet of Everything to generate $613 billion

Staff writer |
The Internet of Everything (IoE) is expected to enable private companies to generate at least $613 billion in global profits in 2013, according to the IoE Value Index study by Cisco.

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The Internet of Everything is the networked connection of people, process, data and things, and the increased value that occurs as "everything" joins the network. Several technology transitions – including the Internet of Things, increased mobility, the emergence of cloud computing, and the growing importance of big data, among others – are combining to enable IoE.

The report found firms that optimize the connections among people, process, data and things will generate the largest profits.

The study of 7,500 global business and IT leaders in 12 countries reports that the United States, China and Germany are expected to realize the greatest value in 2013. However, the study also found that corporations could nearly double those profits through greater adoption of business practices, customer approaches and technologies that leverage IoE.

While IoE is already driving private-sector corporate profits, it is estimated that an additional $544 billion could be realized if companies adjusted their strategies to better leverage it.

"The Internet of Everything has the potential to significantly reshape our economy and transform key industries. The question is who will come out on top and win in this new economy. This study shows us that success won't be based on geography or company size but on who can adapt fastest," said Rob Lloyd, Cisco president of Development and Sales.

Among business leaders who participated in the IoE Value Index 69 percent said they thought the global job market would stay the same or improve due to IoE, 89 percent thought wages would improve or stay the same, and they believe that the Internet of Everything will help drive better information security.


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