<Net Economy> to be $2 Trillion by 2002.
Kemble:
Not too bad considering DELL is the premier company today in E- Commerce,eh?
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San Jose Mercury
Posted at 1:03 p.m. PDT Tuesday, October 13, 1998
Cisco CEO sees Net economy at $2 trillion by 2002
ORLANDO, Fla. (Reuters) - Cisco Systems Inc.'s chief executive, whose company is the leading maker of Internet equipment, estimated more than $1 trillion to $2 trillion worth of goods and services will be sold on the Net by 2002.
Cisco CEO John Chambers, speaking at Gartner Group's Symposium ITxpo 98 conference in Orlando, Fla., said current projections for the growth of electronic commerce were ''way too conservative ... by about five to tenfold.''
Chambers was speaking about market research that puts electronic commerce at $200 billion to $300 billion in 2002.
The Cisco CEO told an audience of corporate information technology managers that his San Jose, Calif.-based company had trimmed more than $500 million from total expenses of $2.5 billion last year by moving much of its business onto the Internet in the last four years.
But, although he made a rosy long-term forecast, Chambers declined to comment directly on short-term business trends at Cisco and whether he was seeing any sign of a slowdown in corporate technology spending in his own business.
Chambers said part of the reason for the low-ball estimates by market analysts is that many exaggerate the importance of business-to-business commerce and underestimate the potential growth of the consumer market as the Net becomes more mainstream.
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