Cisco in its new report has pointed out that the Internet of Everything (IoE) can have a major impact on five of UK’s major sectors including healthcare, manufacturing, transport, energy and retail.
The report titled ‘The Internet of Everything: Bringing the future to life,’ was unveiled at the Cisco CREATE event in Greenwich by a panel of industry experts and IoE watchers. The report highlighted how practical application of IoE by UK businesses can aid in generating profit of more than £17 billion (around $28 billion).
The report predicts that by 2020 around 50 billion ‘things’ will be connected to the internet resulting in creation of a £11 trillion (around $19 trillion) market. The report also explains a huge opportunity existing within healthcare in the UK, with more than 10 million residents being over the age of 65.
Phil Smith, chief executive of Cisco UK & Ireland, said “The internet of everything provides the platform from which an ever-increasing number of connections will ‘wake up’ the world around us. With just 1% of the physical world connected at this time, this is just the beginning of an amazing future.”
“As connections become smarter, faster and more insightful, we will only see more imaginative and ambitious applications of the IoE, which will, quite literally, change the world.”
“We’re now moving into the next phase of the Internet of Everything- a digitized world where everything is connected. The Internet is now one of our basic human needs […] and IoE is changing the way we work, live and play.”