Startups must take advantage of ‘multimillion pound opportunity’ in IoT » SMEInsider

Startups must take advantage of ‘multimillion pound opportunity’ in IoT

Startups in healthcare, retail, energy and transport sectors looking to connect people and process data from connected services will find a “multibillion pound opportunity” in the Internet of Things, Cisco says.

A Cisco report says that the Internet of Things – otherwise known as the Internet of Everything – could generate over £100 billion for companies working in these areas by allowing them to streamline processes, remove inefficiency and create a better experience for patients, passengers and the general public.

Startups in the healthcare industry could gain the most through innovations in the IoT, the report said, possibly accessing over £48 billion over the next decade. The retail industry could also access around £37 billion, the transport industry £11 billion, and £7 billion could be accessed by energy through the use of IoT technologies.

The number of connected devices worldwide will rise to 50 billion by 2020, Cisco said, from a billion today. While less than 1 per cent of the world is currently connected, the networking giant sees a huge opportunity in increased connectivity.

“The UK’s startup community is a great source of innovation, and we’re confident that we’re only witnessing the first wave,” said Phil Smith, chief executive of Cisco UK and Ireland. “In the coming months and years we can expect these businesses to be at the forefront of the transformation of the UK economy as we fully embrace the possibilities of a digital future.”


Next article: FinTech Innovation Awards: advice from the winners