Internet of Everything is projected to generate $4.6 trillion for public sector over the next decade according to a Cisco study, “Internet of Everything: A $4.6 Trillion Public-Sector Opportunity”
Recent times have brought more internet connected implemented to the market. Concept gadgets at the CES 2014 included a connected bowls, smartwatches and baby monitors. Cisco’s report forecasts that this proliferation of an Internet of Things is bound to increase mobility in the world when compacted with the transition to cloud computing. The Internet of Everything is a concept that sums the benefit of all these advances along with the adoption of big data solutions.
In some near future, the public sector could generate $1.9 trillion through smart cities and make even bigger savings through different levels of government.
City residents stand to reap benefits from IoE through smart buildings and water management projects which could bring in $100B and $39B respectively. This is not to mention the potential benefits that will be experienced by municipal utility agencies through smart waste management, gas monitroing and smart parking zones.
“With more of the world’s population moving into urban centers daily, cities must become more flexible and responsive to citizen needs, while making the most of public resources. The Internet of Everything is transforming how cities deliver services and how citizens interact with government.” – Wim Elfrink, Cisco’s EVP of industry solutions.
A Cisco study from February last year projected that potential earnings for the private sector to be $14.4 Trillion through use of IoE. Building on this research, it has been forecast that public sector could claim $677B through IoE solutions.
Disaster response, fleet management, connected learning and bridge maintenance could save $462B if IoE solutions are implemented. A four-fold improvement in military missions is also predicted as IoE could improve connections for secure information between defense personnel and guarantee soldier safety.