Public sector agencies could potentially realise US$4.6 trillion in revenue, cost cutting and productivity gains worldwide over the next decade thanks to the 'Internet of Everything' according to research launched by networking vendor Cisco at the CES trade show.
The Internet of Everything is the vendor's term for a concept incorporating the Internet of Things as well as networked processes and people.
Cisco has previously estimated that over the next decade the IoE is potentially worth up to $14.4 trillion for the private sector. In 2013 the networking vendor said that the IoE would help the Australian private sector realise $36 billion in profits, but that potentially business could have realised almost twice that.
The key drivers behind the $4.6 trillion figure for 'value at stake' for governments over the next 10 years are boosting public sector productivity, networked defence forces, cost cutting, increased revenue and improved services for citizens.
The majority of value at stake — 70 per cent — relates to single agency use cases considered by researchers; the remainder is for cross-agency use cases.
The figure for total value at stake was based on 40 use cases, such as smart parking — worth up to $41 billion; water management ($39 billion); chronic disease management ($146 billion), telework ($125 billion); connected learning ($258 billion); and connected militarised defence ($1.5 trillion).
Realising the value from networked objects and people will be a product of government's incorporating the IoE into their broader economic strategies, the report argues.
Government most also create appropriate regulatory settings — such as ensuring radio spectrum is available for connected objects, ensuring that deployment of new technologies is socially inclusive, and creating privacy and security policies.