UK start-ups stand to make over £100bn from Internet of Everything by 2025
Cisco report reveals major IoE opportunities for businesses in healthcare, retail, transport and energy
Start-ups operating in the Internet of Everything (IoE) stand to make over £100bn over the next 10 years, according to a report published by Cisco today.
With IoE a rising trend, the report entitled The Internet of Everything: Unlocking the Opportunity for UK Startups claims that the four biggest opportunities for businesses to capitalise on are in the healthcare, retail, transport and energy sectors.
Healthcare is said to have the greatest scope for IoE entrepreneurs with access to over £48bn through innovations in IoE. Retail is set to generate £37bn through IoE while transport and energy are set to make start-up companies £11bn and £7bn respectively.
Innovations which connect people, processes and data and an extension of the Internet of Things (IoT), Cisco predicts that the number of IoE devices worldwide will rise from around one billion today to 50 billion by 2020 but says that, with less than 1% of the world currently connected, options for the start-up community to exploit opportunities for digitalisation and connectivity are “substantial”.
The report also highlights a number of start-ups that have begun to make in-roads in the IoE including uMotif which uses web and mobile apps to help people track their health and share data with clinicians and family members, and Beacondo; a development house which provides free tools to enable anyone to create an iBeacon – an innovation identified in our 2015 Tech Trends report.
The findings coincide with the launch of Cisco’s 2015 BIG awards competition which is looking to find the UK’s “most innovative” IoE start-ups and help them scale with a prize package of investment, technology and resources.
Speaking in the foreword of the report, Cisco UK and Ireland CEO, Phil Smith, said: “From healthcare to transport and beyond, the shift to digital ways of thinking is helping to streamline processes, remove inefficiency and create better experiences for patients, passengers and the general public alike.
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“The Internet of Everything is not only a great leveller for businesses – small and large – but for consumers and governments alike. It’s a call to arms to be innovative, collaborative and ambitious. Once companies become digital they have the opportunity to completely re-imagine their business models to connect people, process, data and things across industries, cities and countries to realise new economic value.
“How will we realise all of this potential in the UK? At least as importantly, who will turn ideas into the working applications, services and business models that will revolutionise these industries? The answer to those questions lies in not one place, but many.”