The so-called "Internet of everything," the rapidly approaching world where objects from refrigerators to factory robots can talk to people and other machines, will create a massive business opportunity worth $14.4 trillion over the next decade, according to a new study from Cisco Systems.
The Internet of everything, a phrase coined by Cisco to describe the networking of people, processes, data and objects, will encompass multiple industries, enabling customized online education, smart factories, and the smart energy grid, Cisco officials said. Over the next decade, that connection of new objects and people to the Internet puts $14.4 trillion at stake, with the opportunity including new profits and cost savings, the company predicted in the white paper, released late Monday.
More than 99 percent of physical objects are not now connected to the Internet, but Cisco expects 50 billion objects to be connected by 2020, officials said. New objects and people coming online creates a big investment incentive for companies, said Cisco Chief Marketing Officer Blair Christie.
Companies should embrace this trend or risk being left behind, Cisco CEO John Chambers wrote in a blog post.
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