A new study from Cisco has suggested that the Internet of Everything (IoE) will generate profits of about $613bn during 2013 urging companies to innovate and cash in.
The IoE Value Index study commissioned by Cisco revealed that firms could double IoE profits through greater adoption of business practices, customer approaches and technologies that leverage the IoE concept.
Cisco Development and Sales president, Rob Lloyd, said that IoE has the potential to significantly reshape economy and transform key industries.
"The question is who will come out on top and win in this new economy," Lloyd said.
"This study shows us that success won’t be based on geography or company size but on who can adapt fastest."
The study anticipates that beyond $613bn in profit generation, an additional $544bn could also be realised if companies adjusted their schemes to better leverage the concept.
"That figure should be a wake-up call to businesses large and small that IoE can significantly add to their bottom line," Lloyd added.
According to the study involving 7,500 global business and IT leaders, 69% thought the global job market would stay the same or enhance due to IoE and 89% believed that the move would enhance wages or remain constant, while several others said IoE has the potential to boost security and privacy.