The Internet of Everything (IoE) could generate $4.6 trillion in value for public sector organisations over the next decade, according to a new study just released by Cisco.
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 IoE, increased mobility, the emergence of cloud computing, and the growing importance of big data, among others – are combining to enable IoE.
The city of Barcelona is utilising IoE solutions today to offer citizens new services and richer experiences. One of the first to develop virtual citizen services in Europe, Barcelona is using video and collaboration technologies to allow citizens to virtually interact with city hall without having to travel to local offices. One of the world’s leading Smart+Connnected Communities, Barcelona has implemented IoE solutions in water management, smart parking, waste management and connected buses, all of which are helping the city save money and improve the quality of service to citizens.
Cisco said cities globally have the potential to claim $1.9 trillion in value from IoE over the next decade, according to Cisco’s study. Cities can capture much of this value by implementing “killer apps
• Smart buildings are poised to generate $100 billion by lowering operating costs by reducing energy consumption through the integration of HVAC (heating, ventilation and air conditioning) and other systems.
• Gas monitoring could generate $69 billion by reducing meter-reading costs and increasing the accuracy of readings for citizens and municipal utility agencies.
• Smart parking could create $41 billion 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 $39 billion by connecting the household water meter over an IP network to provide remote information on use and status. Road pricing could create $18 billion new revenues by implementing automatic payments as vehicles enter busy zones of cities, improving traffic conditions and raising revenues.
With 350 million public employees in the world, IoE applications that improve employee productivity across state, local and non-defence federal agencies can generate significant value. For example, increased use of telework solutions could create an estimated $125 billion in value by lowering real-estate, printing and other costs. These same solutions improve employee retention and productivity, and provide additional employment opportunities.
The study builds on research released by Cisco a year ago which identified potential profits of $14.4 trillion for private companies that embrace IoE over the next decade.
www.internetofeverything.com