Cisco predicts $14.4 trillion could be unlocked in economic value for companies worldwide in the ‘Internet of Everything’.
At the inaugural Internet of things World Forum in Barcelona, Cisco said nearly 27% of this value would come from manufacturing, 11% from retail, 9% from information and 22% in education, health and finance.
Although 45% of the new interactions will be facilitated by machine to machine (M2M) collaboration, more than 50% will come from people to devices or person to person collaboration, according to the company.
The Internet of things refers to the rapid growth in the number of smart devices including industrial machines, cars, appliances and mobile devices that communicate with each other, generating massive amounts of data.
Cisco CEO John Chambers said that issues of privacy and security have become even more important as the company seeks to build and secure its own division dedicated to the Internet of things.
"So you’re going to see us move architecturally to provide security with the capability to provide opt-in as opposed to opt-out capability, with the ability of individuals or companies to see what’s going on in their environment," he said.
The division will be led by Guido Jouret, Cisco vice-president.
The IoT forum in Barcelona is exploring the latest to explore the latest technologies that can be standardised.
