Cisco has announced that it will spend $100 million developing “Internet of Things” concepts. The money will go to start-ups working on ‘connected’ devices, the company announced during the presentation of its quarterly figures.
It is not yet clear which companies have a chance of financing from Cisco; the amount may also be used for the acquisition of start-ups. Cisco has indicated that it expects the market for the internet of things to grow significantly in the coming years to an amount of approximately $ 4.6 billion.
Many technology companies are investing in the internet of things, the name for the development of everyday devices that communicate via the internet. Recently, tech companies started developing a standard for the internet of things, involving Qualcomm, LG, Sharp, Panasonic and also Cisco, among others. With the standard, internet of things devices must be able to ‘talk’ to each other.
Cisco announced its plans for the Internet of Things when it presented its quarterly results. It showed that the manufacturer of network equipment has a turnover of 11.2 billion dollars. The profit came in at 1.4 billion dollars, converted just over a billion euros. Compared to the same period last year, profits decreased by more than 50 percent.