As soon as the Internet was developed, there was a desire to connect more “things” to it.
- The Internet is now connecting anywhere from 10 to 15 billion devices.
- Even so, less than 1 percent of things are connected to the Internet today.1
This is changing. As additional networked connections are made between physical objects—and capabilities such as context awareness and increased processing power are applied—organizations are beginning to embrace the Internet of Everything (IoE).
“IoE brings together people, processes, data, and things to make networked connections more relevant and valuable than ever before,” says Dave Evans, chief futurist at Cisco. “It turns information into actions that create new capabilities, richer experiences, and unprecedented economic opportunities.”
As billions, or even trillions, of connections form the arteries of IoE, big data will be the blood that flows through them.
“IoE and big data are reliant on one another, and are evolving together,” Evans explains. “Data is the currency of IoE. Without data going back and forth, the engine stalls.”
Connections are merely the first step, he adds. To realize the value within and among the connections, organizations must apply processing and analytics.
“More connections mean more data that can be extrapolated and analyzed,” Evans says. “Doing so increases knowledge and wisdom, which leads to action and value.”
What’s the upshot?
- Cisco predicts that the IoE Value at Stake will be $14.4 trillion for companies and industries worldwide in the next decade.
- More specifically, over the next 10 years, the Value at Stake will present global enterprises with an opportunity to increase profits by nearly 21 percent.
In other words, between 2013 and 2022, $14.4 trillion of value (net profit) will be “up for grabs”—driven by IoE.2
1 “The Internet of Everything: How More Relevant and Valuable Connections Will Change the World,” Cisco, 2012.
2 “Embracing the Internet of Everything To Capture Your Share of $14.4 Trillion,” Cisco, 2013.