While several companies compete in the field of data analysis, Cisco intends to deviate by creating a software that not only runs in commercial data centers but also on the company's own networking equipment. This way, the data stream can be winnowed from distributed devices, which can come in handy when such data become too large to handle.

The system will also enable Cisco to respond to new data at a quicker pace since it is being transferred to and stored in a central location.

The traditional approach to transfer and storage may be useful when analyzing past activities. However, it is not a good option when dealing with real-time events.

The full portfolio, dubbed Cisco Connected Analytics for the Internet of Everything, is made up of eight "easy-to-deploy" software packages. All are aimed at helping customers use the data derived from the Internet Of Things (IoT) to enhance business operations.

It is believed that the data generated by the IoT, sometimes referred to as Internet of Everything (IoE), could become increasingly massive and messy. It would always be on the move and its presence would be felt everywhere. It would also be coming from every source that is imaginable and from the edge of networks.

With a huge amount of data on hand, key decision makers are often challenged by how to make sense of the data and take full advantage of it. IT managers struggle to deliver all the needed data to businesses in real time.

Based on a new survey, Cisco learned that 40 percent of the respondents believe that not being able to access and interpret data is the biggest obstacle to translating connections and formulating actionable insights.

It is estimated that analytics will drive $7.3 trillion of the $19 trillion opportunity in the IoE over the next 10 years. To benefit from this opportunity, there is a need to create a fast new approach to analytics.

By embedding analytics technology into the networking equipment, Cisco believes they have successfully come up with a better approach. Data can now be processed quickly at the network edge, enabling customers to gain value from their data at a much faster rate.

"All of these sensors and devices are going to be bringing data back over a network, so I think it's imperative that Cisco is part of this market because it's going to be huge," said Bill Smeltzer, CTO of Focus Technology Solutions, a Cisco partner.