If you haven’t heard the phrase “the Internet of Everything” (abbreviated as IoE), you soon will ─ especially since the phenomenon is poised to generate $1.9 trillion in value for cities around the world in the next 10 years and $4.6 trillion for the public sector overall.
Coined by Cisco, a global IT leader and Peak 10 technology partner, IoE refers to the networked connection of people, process, data and things, and the increased value that occurs as “everything” joins the network. According to a study released by Cisco at the Consumer Electronics Show (CES), this network convergence is going to help cities save money, improve employee productivity, generate new revenue and provide more benefits to citizens. Among the highlights of the study:
- Connecting household water meters over an IP network to provide remote information on use and status could generate $39 billion in value.
- Integrating HVAC and other systems could reduce energy consumption, lowering operating costs to generate another $100 billion.
- Implementing gas monitoring to lower meter-reading costs and increase the accuracy of readings for citizens and municipal utility agencies could net $69 billion.
- Providing real-time visibility into the availability of parking spaces across cities could generate approximately $41 billion.
- Road pricing could create $18 billion in additional revenue and help improve traffic conditions by implementing automatic payments as vehicles enter busy zones of cities.
Seem far-fetched? Not at all considering that IoE solutions are already in place and yielding positive results, from the Lake Nona development in Orlando, Florida to Songdo, South Korea,
For example, as covered in previous Peak 10 post, the Parker™ app from Streetline is in use in San Carlos, California, as well as in more than 40 other cities around the world, displaying real-time parking space availability to drivers via their smartphones ─ easing the traffic congestion and stress associated with parking woes.
In Spain, the City of Barcelona is using video and collaboration technologies to allow citizens to interact with city hall virtually, eliminating travel to local offices. The city is also saving money and improving the quality of service to its citizens through to a number of other IoE solutions, including in water management, smart parking, waste management and connected buses.
The Cisco study also points out that it’s not just cities that can benefit from IoE, citing a number of examples including:
- State agencies with the potential to realize $682 billion in value by applying IoE solutions to bridge maintenance, offender transport, chronic disease management, connected learning, wildfire suppression and other processes.
- Non-defense federal agencies looking to capture $472 billion by using IoE solutions to improve things like disaster response, fleet management and cyber-security.
- Defense forces that could generate $1.5 trillion in value and measurably enhance soldier safety through secure connections and information sharing among soldiers, bases, vehicles and battlefield assets.
Stay tuned. The IoE is likely coming to a city near you. Get ready to reap the benefits.
Source information contributed by Cisco, a Peak 10 technology partner.