The Internet of Everything (IoE) is expected to enable global private-sector businesses to generate at least US$613 billion in global profits in 2013, according to the IoE Value Index study released by Cisco on Wednesday. The report found firms...
June 20, 2013
The Internet of Everything (IoE) is expected to enable global private-sector businesses to generate at least US$613 billion in global profits in 2013, according to the IoE Value Index study released by Cisco on Wednesday. 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, including Canada, 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 US$544 billion could be realized if companies adjusted their strategies to better leverage it. In Canada, there is an estimated US$56.8 billion Value at Stake for 2013.
“The Internet of Everything has the potential to significantly reshape our economy and transform key industries,” said Rob Lloyd, Cisco president of development and sales. “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.”
The Internet of Everything Value Index builds on research that Cisco conducted earlier this year, which found that global businesses could pursue as much as US$14.4 trillion over the next decade by leveraging IoE to improve operations and customer service.
The Value at Stake for Canada over the next decade has been calculated as US$400 billion, Cisco said in a release.
Further coverage will appear in the July/August 2013 issue of CNS.