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Cisco: “Internet of Everything” represents a $14.4 trillion opportunity

Networking giant Cisco is chasing the Internet of Things in a big way. Last week Cisco announced that it is leading the charge in developing the Internet of Things World Forum, an event designed to accelerate the development of the Internet of Things market. The Forum will be held in Barcelona, Spain in October.

Internet of ThingsCisco claims that the Internet of Everything represents a $14.4 trillion opportunity in increased revenues and decreased costs for businesses and customers over the next decade. The company says that the Internet of Everything has the potential to grow global corporate profits by 21 percent by 2022. The supply chain and logistics sector alone has the potential to save $2.7 billion from increased efficiencies resulting from deploying RFID and other technologies.

The Internet of Everything movement was the key focus of Cisco’s second annual Editors Conference at the company’s Silicon Valley headquarters this morning.

According to an article in ZD Net, Cisco spent approximately $5.5 billion on research and development during 2012 in support of the Internet of Everything. In addition, it has formed 70,000 partnerships, made more than 160 acquisitions, and has more than 13,000 patents registered.

The ZD Net article states that seven key verticals will lead the charge in adopting the Internet of Things, led by manufacturing. In addition, the public sector, energy/utilities, healthcare, finance/insurance, transportation, and wholesale/distribution are expected to be swift adopters.

Here is an excerpt from the article.

For Cisco, the Internet of Things makes up the Internet of Everything — the former of which is defined  as the sensors, the actuators, RFID tags, consumer devices, and industrial equipment that will converge in the world of IT.

However, Rob Lloyd, president of sales and development at Cisco, cited that 99 percent of electronics in the world today still aren’t connected to the Internet. The next step, therefore, is the Internet of Everything in which those devices will be brought online.

“If you look at those business imperatives and think of them in the context of those major technology trends, there is an entirely new role of IT coming out,” Lloyd said. “The role of the network is critical to unlock these major market trends.”

For the Internet of Everything, Lloyd said that means taking people, process, data — all the things done so far in connecting the first 10 billion connected devices — to unlock capabilities we haven’t seen yet.

As for the World Forum, Cisco expects the event will unite leaders and innovators who will come together to create a framework for collaborative industry innovation and market adoption that will accelerate the impact of the Internet of Things on the global economy, society and the environment.

“Cisco is a strong proponent of the opportunities created by the Internet of Things, and is committed to developing the technologies and alliances to move the industry forward,” says Doug Merritt, senior vice president, Product, Solutions and Industry Marketing at Cisco. “Cisco looks forward to our continued work with the Internet of Things World Forum steering committee in order to advance the development of industry alliances and working groups that will help create a sustainable business and technology environment for the Internet of Things.”

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