SAN JOSE, CALIF – A new survey from Cisco suggests that the Internet of Everything will enable Canada's private sector to generate about $30 billion dollars in profits in 2013, and about $613 billion in profits for businesses globally.
According to the IoE Value Index study released by Cisco today, businesses that leverage the Internet of Everything – which refers to the networked connection of people, process, data and things, and the increased value that occurs as “everything” joins the network – could realize globally as much as $14.4 trillion over the next decade. For Canada, that “value at stake” could translate to $400 billion for businesses that use IoE to improve operations and customer service.
Of the 12 countries and 7,500 global business studied for the report, Canada, along with the U.S., China, and Germany are the countries that are expected to realize the greatest value in 2013. The study also found that corporations could nearly double those profits through greater adoption of business practices, customer approaches and technologies that leverage IoE.
The Cisco report estimates that, globally, an additional $544 billion – or an estimated $56.8 bilion for Canadian companies – could be realized if companies adjusted their strategies to better leverage IoE.
“The Internet of Everything has the potential to significantly reshape our economy and transform key industries,” said Rob Lloyd, Cisco president of development and sales, in a prepared statement. “The question is who will come out on top and win in this new economy. This study shows us that success won't be based on geography or company size but on who can adapt fastest.”
Other key findings from the business leaders who participated in the IoE Value Index study include:
- 69% said they thought the global job market would stay the same or improve due to IoE (63% in Canada)
- 89% of respondents, both globally and Canadian respondents, thought wages would improve or stay the same
- 50% of business leaders (41% percent in Canada) said IoE would improve security, while 26% thought there would be no change (29% in Canada)
- Among industries, services ($158.8 billion) and manufacturing ($103.1 billion) are expected to realize the greatest IoE value in 2013
Click the link to access the full Cisco report on the IoE Value Index.
