A few months ago, Karin Scott wrote about the opportunity for our cities in the Internet of Everything (IoE) and how a community networked through the Internet will excel as we continue connecting people, processes, data and things.
Last week, we took a step further and announced that the total value at stake – the potential savings and revenues created by these technologies – of the Internet of Everything for public sector organizations worldwide is $4.6 trillion.
In Canada, the total value for our public sector over the next ten years is $92.8 billion. When combined with the $400 billion value at stake for our private sector organizations, the combined opportunity in Canada is nearly $500 billion.
That’s nearly twice as large as the federal budget of Canada. It’s not a small number, and not an opportunity our businesses and public sector should ignore.
Cities, in Canada and globally, have the potential to claim $1.9 trillion in value from the IoE over the next decade by implementing citizen-facing applications:
Smart buildings are poised to generate $100B by lowering operating costs by reducing energy consumption through the integration of HVAC and other systems.
Gas monitoring could generate $69B by reducing meter-reading costs and increasing the accuracy of readings for citizens and municipal utility agencies.
Smart parking could create $41B by providing real-time visibility into the availability of parking spaces across a city. Residents can identify and reserve the closest available space, traffic wardens can identify non-compliant usage, and municipalities can introduce demand-based pricing.
And these are just the start of what is possible in the Internet of Everything.
What do you think about the Internet of Everything? Leave a comment below.