1996–2009: Internet and silicon intelligence
The phenomenal growth of the Internet in mid—to late 1990s quickly changed the telecom landscape. As the Internet Protocol (IP) became widely adopted, the importance of multi-protocol routing declined. Nevertheless, Cisco managed to catch the Internet wave, with products ranging from modem access shelves (AS5200) to core GSR routers that quickly became vital to Internet service providers and by 1998 gave Cisco de facto monopoly in this critical segment.
In late March 2000, at the height of the dot-com boom, Cisco became the most valuable company in the world, with a market capitalization of more than US$500 billion. In November 2011, with a market cap of about US$94 billion, it is still one of the most valuable companies.

Meanwhile, the growth of Internet bandwidth requirements kept challenging traditional, software-based packet processing architectures.
The perceived complexity of programming routing functions in silicon, led to formation of several startups determined to find new ways to process IP and MPLS packets entirely in hardware and blur boundaries between routing and switching. One of them, Juniper Networks, shipped their first product in 1999 and by 2000 chipped away about 30% from Cisco SP Market share. Cisco answered the challenge with homegrown ASICs and fast processing cards for GSR routers and Catalyst 6500 switches. In 2004, Cisco also started migration to new high-end hardware CRS-1 and software architecture IOS-XR.

2006–2012: The Human Network
As part of a massive rebranding campaign in 2006, Cisco Systems adopted the shortened name "Cisco" and created "The Human Network" advertising campaign. These efforts were meant to make Cisco a "household" brand—a strategy designed to support the low-end Linksys products and future consumer products (such as Flip Video camera acquired by Cisco in 2009).

On the more traditional business side, Cisco continued to develop its extensive enterprise-focused routing, switching and security portfolio. Quickly growing importance of Ethernet also influenced the company's product lines, prompting the company to morph the successful Catalyst 6500 Ethernet switch into all-purpose Cisco 7600 routing platform. However, limits of IOS and aging Crescendo architecture also forced Cisco to look at merchant silicon in the carrier Ethernet segment. This resulted in a new ASR9000 product family intended to consolidate company's carrier ethernet and subscriber management business around EZChip-based hardware and IOS-XR. Cisco also expanded into new markets by acquisition—one example being a 2009 purchase of mobile specialist Starent Networks that resulted in ASR5000 product line.

Throughout the mid-2000s, Cisco also built a significant presence in India, establishing its Globalization Centre East in Bangalore for $1 billion, and planning that 20% of Cisco's leaders would be based there.

However, Cisco continued to be challenged by both domestic Alcatel-Lucent, Juniper Networks and overseas competitors Huawei. Due to lower-than-expected profit in 2011, Cisco was forced to reduce annual expenses by $1 billion. The company cut around 3,000 employees with an early-retirement program who accepted buyout and planned to eliminate as many as 10,000 jobs (around 14 percent of the 73,400 total employees before curtailment). During the 2011 analyst call, Cisco's CEO John Chambers called out several competitors by name, including Juniper and HP.

On 24 July 2012, Cisco received approval from the EU to acquire NDS (a TV software developer) for USD 5 billion.

2013–Present: The Internet of Everything
Cisco launches its first global re-branding campaign for the first time in six years with its "TOMORROW starts here" and "Internet of Everything" advertising campaigns. These efforts were designed to position Cisco for the next ten years into a global leader in connecting the previously unconnected and facilitate theIP address connectivity of people, data, processes and things through cloud computing applications and services.

In March 2013, Cisco announced its interest in Myanmar by investing in two Cisco Networking Academies in Yangon and Mandalay and a channel partner network in the country.

Media and awards
Cisco products, most notably IP phones and Telepresence, are frequently sighted in movies and TV series. The company itself and its history was featured in the documentary film Something Ventured which premiered in 2011.

Cisco was a 2002–03 recipient of the Ron Brown Award,  a U.S. presidential honor to recognize companies "for the exemplary quality of their relationships with employees and communities". Cisco commonly stays on top of Fortune "100 Best Companies to work for", with position No. 20 in 2011.

Acquisitions
Cisco acquired a variety of companies to spin products and talent into the company. In 1995–1996 the company completed 11 acquisitions. Several acquisitions, such as Stratacom, were the biggest deals in the industry when they occurred.During the Internet boom in 1999, the company acquired Cerent Corporation, a start-up company located in Petaluma, California, for about US$7 billion. It was the most expensive acquisition made by Cisco to date, and only the acquisition of Scientific Atlanta has been larger. Several acquired companies have grown into $1Bn+ business units for Cisco, including LAN switching, Enterprise Voice over Internet Protocol (VOIP) platform Webex, and home networking. The latter came as result of Cisco acquiring Linksys in 2003 and in 2010 was supplemented with new product line dubbed Cisco Valet. Cisco announced on March 15, 2012 that it is acquiring NDS Group for $5B. This transaction was completed on July 30, 2012.

In the recent merger deals, Cisco bought Starent Networks (a mobile packet core company) and Moto Development Group, a product design consulting firm that helped develop Cisco's Flip video camera. Also in 2010, Cisco became a key stakeholder in e-Skills Week. In March 2011, Cisco completed the acquisition of privately held network configuration and change managementsolutions company Pari Networks.