The internet of things (IoE) has the potential to generate at least $613 billion for private-sector businesses according to Cisco, with £17 billion being generated in the UK alone.

The internet of things which includes concepts including smart meters and machine to machine communications has been predicted to be worth $8.9 trillion by 2020 according to analyst group IDC.

The internet of things is expected to become a key component of government digital initiatives including national services such as the NHS which are expected to improve record accuracy and availability.

In a report, Cisco said that there was growing: "realisation of the IoE in the UK and how this vision will play a key role in fuelling the British economy for years to come".

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Phil Smith, chief executive of Cisco UK and Ireland, said: “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."

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