By Emma Elebeke, Just back from South Africa
With the fast growing interconnectivity across all human activities, it has been established that internet connections in Nigeria and other parts of the world has the potential of creating additional value to the economy valued at 14,4trillion dollar between 2013-2022.
Senior Vice President, Office of the Chairman and CEO, Cisco, Howard Charney, disclosed this while speaking at the just concluded 16th annual edition of AfricaCom, held in Cape Town, South Africa.
Charney, who was speaking on the topic, “Internet of Everything”, said Internet of Everything will increase efficiency and productivity in the world economy, as it promises a seamless internet-based connectivity among people, data, machines, things and processes. Charney also revealed that the Internet of Everything, IoE, has the potential to grow global corporate profits by 21 per cent in aggregate by 2022.
He noted that since every sector of any nation’s economy is being driven by information communication technology, ICT, interconnections among everything it becomes critical for every nation to key into full internet connectivity, having been proven to have the capacity to increase significantly country’s Gross Domestic Profit, GDP.
“The next big thing is connecting everything together. That is very next big thing. And we think the connections will significantly increase country’s GDP. We believed that the value that is obtainable from connections among all the people or everything is valued at ?14,4trillion dollar between 2013-2022?. Internet of Everything will increase efficiency and productivity as it means there will be seamless internet connections across every human activity.
“It has been proven that the Internet of Everything has the potential to got global corporate profits by 21 per cent in aggregate by 2022. This will be the next big thing in the global economy,” he said.
According to him, about 99 percent of world is still not connected; hence the need to adopt IoE to help fast-track connectivity, especially to the unserved and underserved locations, considering the huge and additional values it would bring both the corporate entities and the economy at large.
With the adoption of IoE, the Cisco boss said, about $276 billion estimate would be saved from aviation, power, health, rail and oil and gas sectors of the economy. Also with the way Industrial Internet is pushing the boundaries of minds and machines, stoplight could be obsolete in the nearest future with IoE anywhere in the world.
According to him, what this portends for the economy is the unlocking of $1,400 in benefits per vehicle, per Year, as there would be less accidents and more efficient vehicles to be in use. He said that some of the key factors that will fuel IoE include: connectivity of simple emails, web browser search to networked economy or e-commerce; digital supply chain to immersive experiences or ?social mobility cloud; video to Internet of Everything with full automation of everything.
“We are moving to direction where everything becomes connected; network will become proxy for every human interaction. When this happen, then we start communicating using video, video becomes ubiquitous.
“Internet of Everything will increase efficiency and productivity as it means there will be seamless internet-based connectivity between, people, data, machine, things and processes. The Implication of connecting the unconnected is that the connections will significantly increase countries’ GDP,” he added.