Internet of Everything worth trillions for governments
9th Jan 2014 | 17:20
Incredible price tag for confusing name
The Internet of Everything (IoE) could generate $4.6 trillion (£2.7 trillion, AU$5.1 trillion) in value for public sector organisations in the next decade, according to a study by Cisco.
The IoE can help governments create value by saving money, increasing employee productivity and generating revenue and citizen benefits, it says.
The Internet of Things is the networked connection of people. Process, data and things, and the increased values occur as the "everything" joins the network.
The city of Barcelona recently utilised IoE solutions by allowing citizens to virtually interact with the city hall without having to leave the house to travel to local offices. Barcelona has also implemented the IoE in water management, smart parking and connected buses, which all help save the city money.
Support for every level
Cities have the potential to claim $1.9 trillion (£1.1 trillion, AU$2.14 trillion) in value from IoE over the next decade, says Cisco. Much of this will come in the form of 'killer apps' that enable buildings to smartly turn their electronics on and off depending on usage, parking areas to tell the public where exactly they have spaces and toll roads that automatically charge road users. All of these solutions, the report writes, will save billions.
Government agencies can also use the IoE, almost to every level, the study claims. Processes like bridge maintenance, offender transport, fleet management, cybersecurity and disaster management.
"With more of the world's population moving into urban centres daily, cities must become more flexible and responsive to citizen needs, while making the most of public resources," said Wim Elfrink, Cisco's EVP of industry solutions and chief globalisation officer. "The Internet of Everything is transforming how cities deliver services and how citizens interact with government."