92 billion reasons why Canada’s public sector should consider the Internet of Everything
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A few months ago, Karin Scott wrote about the opportunity for our cities in the Internet of Everything (IoE) and how a community networked through the Internet will excel as we continue connecting people, processes, data and things.
Last week, we took a step further and announced that the total value at stake – the potential savings and revenues created by these technologies – of the Internet of Everything for public sector organizations worldwide is $4.6 trillion.
In Canada, the total value for our public sector over the next ten years is $92.8 billion. When combined with the $400 billion value at stake for our private sector organizations, the combined opportunity in Canada is nearly $500 billion.
That’s nearly twice as large as the federal budget of Canada. It’s not a small number, and not an opportunity our businesses and public sector should ignore.
Cities, in Canada and globally, have the potential to claim $1.9 trillion in value from the IoE over the next decade by implementing citizen-facing applications:
Smart buildings are poised to generate $100B by lowering operating costs by reducing energy consumption through the integration of HVAC and other systems.
Gas monitoring could generate $69B by reducing meter-reading costs and increasing the accuracy of readings for citizens and municipal utility agencies.
Smart parking could create $41B by providing real-time visibility into the availability of parking spaces across a city. Residents can identify and reserve the closest available space, traffic wardens can identify non-compliant usage, and municipalities can introduce demand-based pricing.
And these are just the start of what is possible in the Internet of Everything.
To learn more about the Internet of Everything’s opportunity for the public sector, view the infographic, Top 10 Insights and White Paper.
What do you think about the Internet of Everything? Leave a comment below.
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