The networking giant company Cisco Systems based in San Jose CA, and with Canadian offices in downtown Toronto has announced that Toronto will be the location for one of 4 new centers dedicated to innovation for advancing the Internet of Everthing.
The Internet of Things refers to the world in which more of the devices that we use are connected and communicating with each other with minimal input. By the end of this decade, it is expected that there will be 500 billion things connected to the internet, as opposed to the 10 billion things that are currently connected
The Internet of Things, according to Cisco chairman John Chambers, is expected to bigger than anything that we may have experienced before, and the impact may be as much as 10 times bigger that the internet itself within the next decade. The estimated are derived from the rapidly growing number of autos, , cities, and other devices that access the internet. Connections are also expected to include machine connection, machine to people connection as well as person-to person connection in a world where an online connection may be expected as a default status.
The other locations are expected to be in Rio de Janeiro, Songdo in South Korea, and a unnamed city in Germany, The investment, which may be valued as $100 over the next ten years, will be dedicated to infrastructure and technologically development and will also include costs for staffing and operating the center, which will be housed in the company's new Canadian headquarters. The building is currently under construction on the city.'s waterfront property operated by the Royal Bank of Canada.
A connected world, or the Internet of things, according to Cisco, is expected to contribute US $19 trillion to the global economy by the year 2022, as more devices will include sensors that collect information that can be transferred to connected databases.
The center will focus on providing assistance for Canadian companies government agencies, involved in innovation, which many see as the key to increasing productivity.
A rapid sea of change has been observed, according to a recent study, conducted by the WiFi Alliance and published in January. It shows that 77 percent of consumers include WI-fi connectivity as a criteria when purchasing new electronics for in home use. Recent surveys also indicated that 75 percent of consumers in the US believe that all homes will soon be equipped with smart devices and almost everyone believes that being able to remotely control systems and appliances will contribute to increased productivity or have a positive impact on daily living.
The announcement is great news for the city, even though the economic impact is not yet determined, but according to Cisco, it does appear that the connected world and the Internet of things, is approaching must faster than imagined.