Internet of Everything to generate profit of $613bn in 2013
A new survey suggests business leaders believe the Internet of Everything (IoE) will result in improved job markets, wages and information security.
According to the IoE Value Index study released by Cisco, the Internet of Everything — the practice of bringing together people, process, data, and physical things to make networked connections more relevant and valuable — will enable global private-sector business profits to reach at least $613 billion in 2013.
The study of 7,500 businesses and IT professionals in 12 countries found that many firms could double IoE profits through greater adoption of business practices, customer approaches and technologies that leverage the concept. Cisco estimates that beyond $613 billion in profit generation, an additional $544 billion could be realized if companies adjusted their strategies to better leverage IoE.
The United States, China and Germany are poised to realize the greatest level of profits in 2013; earning $253bn, $76.9bn and $54.4bn respectively.
The services and manufacturing industries are expected to profit the most with estimated profit levels reaching $158.8bn and $103.1bn. Key drivers to adopting IoE standards through increased mobility, cloud computing, and Big Data are improvements to supply chains, customer experience and innovation.
In addition, 69 percent of business leaders polled said that the global job market would stay the same or improve due to IoE, 89 percent thought wages would improve or stay the same, and many said IoE has the potential to improve security and privacy.