The Internet of Everything (IoE) could generate $4.6 Trillion in value for public sector organizations over the next decade, according to a new study released by Cisco.
The report claims that the IoE can help governments create value by saving money, improving employee productivity, generating new revenue (without raising taxes) and enhancing citizen benefits.
IoE is the networked connection of people, process, data and things, and the increased value that occurs as “everything” joins the network. Several technology transitions – including the Internet of Things, increased mobility, the emergence of cloud computing, and the growing importance of big data, among others – are combining to enable IoE.
The study says that with IoE in the next 10 years;
- Smart buildings could generate $100B by lowering operating costs by reducing energy consumption through the integration of HVAC and other systems.
- Gas monitoring could generate $69B by reducing meter-reading costs and increasing the accuracy of readings for citizens and municipal utility agencies.
- Smart parking could create $41B by providing real-time visibility into the availability of parking spaces across a city. Residents can identify and reserve the closest available space, traffic wardens can identify non-compliant usage, and municipalities can introduce demand-based pricing.
- Water management could generate $39B by connecting the household water meter over an IP network to provide remote information on use and status.
- Road pricing could create $18 Billion in new revenues by implementing automatic payments as vehicles enter busy zones of cities, improving traffic conditions and raising revenues.
“With more of the world’s population moving into urban centers daily, cities must become more flexible and responsive to citizen needs, while making the most of public resources,” said Wim Elfrink, Cisco’s EVP of industry solutions and chief globalization officer.
The governments also have their share of good times with IoE, this is how;
- State agencies could claim $677 Billion in value by applying IoE solutions to processes like bridge maintenance, offender transport, chronic disease management, connected learning and wildfire suppression.
- Non-defense federal agencies could capture $462 Billion through IoE solutions improving disaster response, fleet management, cyber security and many other areas.
- Defense forces globally can improve the effectiveness of military missions by four-fold through secure connection and information sharing among soldiers, bases, vehicles and battlefield assets. Improved connections among defense forces globally could generate $1.5 Trillion in value and measurably enhance solider safety.
“Public-sector leaders are under tremendous pressure to bridge the gap between rising citizen expectations and shrinking resources,” said Martin McPhee, Cisco’s SVP for Consulting Services. Public sector leaders should act now to identify major IoE opportunities in their agencies, and begin by reimagining what is possible in an IoE world.”