The ‘Internet of Everything’, which allows devices to talk to each other, cutting out human interaction, is pipped to be a major economic force in the UK over the coming decade
It is touted as the latest wave of the Internet of Things, and it could be worth £100bn to UK start-up companies within 10 years, according to IT group Cisco.
The “Internet of Everything” (IoE) is defined by Cisco as the business of connecting people, processes, data and devices without the need for human interaction to create a more efficient digital world.
It spans smart fridges that can place an online order for staples such as milk or eggs when supplies are running low, to remote monitoring systems for the elderly, and sophisticated tagging devices that monitor endangered species to protect them from poachers.
Healthcare businesses could generate more than £48bn from the IoE, according to Cisco, as a result of wearable technology, which can transmit data about heart rate, blood pressure and oxygen levels automatically. More than 1.8m people are already connected to “telecare systems” in the UK, and the Government aims to roll out telehealth access to 3m people by 2017.
Retail start-ups also stand to make £37bn from IoE, the report found. Transport companies will generate £11bn from the trend, and energy start-ups £7bn.
Phil Smith, chief executive of Cisco UK and Ireland, said: “The new industrial revolution starts here.”
Start-up businesses have significant opportunities to transform industries by streamlining processes, removing inefficency and creating better experiences for patients, passengers and the general public, according to the Cisco report.
With less than 1pc of the world currently connected, Cisco believes that the options for the start-up community to exploit opportunities for digitalisation and connectivity are substantial. Cisco predicts that the number of devices connected worldwide will rise from 1bn at present to 50bn by 2020.
Mr Smith says UK companies of every size are devoting time and ingenuity to designing and building IoE applications from the smallest companies to the biggest groups. He added: “The UK’s start-up community is a great source of innovation and we’re confident that we’re only witnessing the first wave.”
Research by Cisco has identified more than 200 start-ups in the UK and Ireland that are making real inroads but they are arguably only the beginning.
This article was written by Roland Gribben from The Daily Telegraph and was legally licensed through the NewsCred publisher network.