TORONTO - Information technology giant Cisco has named Toronto as the location of one of four new global innovation hubs.
The California-based company, which is the world's largest maker of computer-networking equipment, said it will invest $100 million in the Toronto centre over the next decade.
Cisco said investment includes infrastructure, technology, staffing and operational costs at the Internet of Everything Innovation Centre.
Internet of Everything (IoE) refers to machine-to-machine (M2M), person-to-machine (P2M), and person-to-person (P2P) connections.
Such technology could be use to collect information from items like car sensors and medical devices for networked data bases.
Cisco estimates the industry will be worth US$19 trillion by 2022, including $500 billion in Canada.
The Toronto centre will focus on helping startups, medium- to large-sized companies, industry and government with Canadian-based innovations and serve as Cisco's Canadian headquarters.
Other cities tapped for centres include Songdo, South Korea, Rio de Janeiro, Brazil, and a city in Germany, yet to be announced.
"Innovation Centres are a key pillar of our strategy to impact the productivity and innovation trajectory of Canada," said Nitin Kawale, president of Cisco Canada.
"The Internet of Everything is not only changing the world, but creating new opportunities. Connecting the unconnected has the potential to bring revolutionary change to industries, including: healthcare, education, municipalities, transportation and construction."