The 'Internet of Things' is predicted to generate at $613 billion in global profits, with $28.4 billion (£16.94bn) estimated to come from the UK.
IT giant Cisco, which refers to the sector as the ‘Internet of Everything’ (IoE) has introduced a new campaign aimed at "solving some of the UK’s biggest infrastructure and economic challenges".
The firm forecasted that 50 billion ‘things’ will be connected globally by 2020, boosting the value of the market to an estimated $19 trillion (£11.33tn).
In a report examining the IoE market, Cisco identified five areas in the UK that will see the biggest benefits from the market: healthcare, retail, transport, energy and manufacturing.
Phil Smith, chief executive, Cisco UK & Ireland, commented: “The Internet of Everything provides the platform from which an ever-increasing number of connections will ‘wake-up’ the world around us.
“With just one per cent of the physical world connected at this time, this is just the beginning of an amazing future.
“As connections become smarter, faster and more insightful, we will only see more imaginative and ambitious applications of the IoE which will quite literally change the world.
“That is exciting for Cisco because there is no required roadmap, no single path - just a platform that offers abundant opportunity and endless possibilities for everyone.”