I have been espousing my belief for some time now that the next wave of advances in Internet technology (enabling machines and assets to communicate with each other… the "Internet of Things") will make the productivity gains from the first two waves (search and social media) look paltry. Today I read some very compelling statistics that provide great context for the economic potential of this next advance.
"…Cisco pegs what it calls the "Internet of Everything" as delivering $14.4 trillion of economic value by 2022. To put that number into perspective, the total U.S. gross domestic product in 2011 was $14.9 trillion. The hole blown in the world economy by the financial industry meltdown of 2009 is generally agreed to have been about $16 trillion, and the entire debt of the U.S. government at publication time was $16.7 trillion, give or take."