A new study by Cisco of the Internet of Things (Cisco calls it the Internet of Everything) estimated that it represenst a $19 trillion global opportunity over the next decade. Of that $4.6 trillion is available to public-sector organizations through cost savings, increased productivity, new revenues and improved citizen experiences.
The Internet of things is already affecting how cities deliver services and how citizens interact with government. For cities Cisco estimates that IoT could provide $1.9 trillion in benefits by saving money, improving employee productivity, generating new revenue without increasing tax rates and improving citizen benefits.
Some specific areas where Cisco sees the potential for significant benefits include
- Smart buildings - by reducing energy consumption through the integration of HVAC and other systems could save generate $100 billion in operating costs
- Gas monitoring (gas AMI) - by reducing meter-reading costs and increasing the accuracy of readings for citizens and municipal utility agencies could save $69 billion
- Smart parking - by providing real-time visibility into the availability of parking spaces across a city could save $41 billion
- Water management (water AMI) - connecting the household water meter over an IP network to provide remote information on use and status could save $39 billion
- Road pricing - by implementing automatic payments as vehicles enter busy zones of cities could generate $18 billion in additional revenue.