A new Cisco study estimates that public sector organizations could generate $4.6 trillion in value from Internet-connected objects over the next 10 years.
State agencies could generate $682 billion in value by applying the Internet of Everything to public services and cities worldwide could also derive $1.9 trillion through the IoE over the next decade, Cisco said Wednesday.
“With more of the world’s population moving into urban centers daily, cities must become more flexible and responsive to citizen needs, while making the most of public resources,” said Wim Elfrink, Cisco’s executive vice president of industry services and chief globalization officer.
Cisco projects that buildings with smart technologies have the potential to realize $100 billion through energy consumption reductions, water management services to possibly create $39 billion through connected household water meter, and road pricing to generate $18 billion in revenues through automatic payments.
The study also forecasts $69 billion in savings for gas monitoring services through meter-reading cost cutting and $41 billion for smart parking facilities.
Cisco's findings also highlight $472 billion in potential savings for non-defense federal agencies through IoE services including disaster response, fleet management and cybersecurity and $1.5 trillion for defense forces.