First there was the Internet of Things, now there is the Internet of Everything which, according to a Cisco report published today, is shaping the future of today’s start-up community, creating several billion pounds worth of growth opportunity.
Cisco is bold in its evaluation of IoE potential, predicting that the IoE could generate over £100 billion in the next decade for UK start-up companies.
£100 billion sounds lake an astronomical sum, but Cisco points to the fact that by 2020 there may well be 50 billion connected devices. When you compare this number with the meagre 1% of the world currently connected, the IoE opportunities for start-ups to exploit are substantial.
The report, titled ‘The Internet of Everything: Unlocking the Opportunity for UK Startups’, examines the IoE potential for start-up businesses across four key sectors that are identified as those that will have a significant impact on the UK economy.
The report indicates that start-ups in the healthcare industry currently have the greatest opportunity, with the scope to access over £48 billion over the next decade through innovations in the IoE.
The retail industry is not far behind at £37 billion, with big gains also to be made in transport (£11 billion) and energy (£7 billion).
Phil Smith, Chief Executive, Cisco UK and Ireland, said: "UK companies of every size are devoting time and ingenuity to designing and building IoE applications, from the smallest SMEs to the largest enterprises. These companies are not just digitising in the conventional sense but finding completely new ways to connect people, processes, data and things, from their supply chains to their office spaces and their customers.
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"The UK’s start-up community is a great source of innovation, and we’re confident that we’re only witnessing the first wave. In the coming months and years, we can expect these businesses to be at the forefront of the transformation of the UK economy as we fully embrace the possibilities of a digital future."
The report was released to coincide with tonight’s Cisco BIG Awards, which aim to recognise and support up-and-coming innovators and entrepreneurs from across the UK. This year’s competition focuses primarily on the Internet of Everything.
