American multinational corporate technology company Cisco Systems has called on Nigeria to maximise the opportunities abound the market potential of the Internet of Things (IoT) estimated to be worth $19 trillion. According to Cisco, the private sector potential is estimated at $14.4 trillion, while that of the public sector is $4.6 trillion.
General Manager of Cisco System Nigeria, Kunle Oloruntimehin, while speaking in Covenant University, Ota Ogun state during the 2016 English West and Central Africa Safari/Internet of Things Conference, hosted by UNTeS Academy, said IoT consists of Machine to Machine (M2M), Machine to Person(M2P) and Person to Person (P2P) connections.
Oloruntimehin said with the size of Nigeria’s IT market, leveraging on the opportunities and benefits of IoT will further make the country more competitive and productive. He explained that M2M, which include data sent and received from one machine to another, often called IoT is estimated to $7.4 trillion; while M2P, which include data sent and received from a machine to person, is worth $4.6 Trillion.
According to him, P2P, which is data sent and received from one person to another is worth $7 trillion.
Alfie Hamid, Africa Regional Manager, Cisco, explained that the technology company collaborates with UNITeS Academy Foundation to deliver quality and affordable professional development to Academy Instructors and subsequently equipping them to create positive and impactful experiences for their students.
According to Hamid, the event is very relevant for innovation in the ICT industry and in education, while adding that the IoT encompasses more than 14 billion devices connected to the Internet, providing the technology foundation for IoT.
He says that IoT improves business outcomes through the intelligent networked connections among people, processes, data, and things/devices, and that “this global phenomenon creates unprecedented economic opportunities to enhance productivity, sustainability and experiences.”