Internet Of Things Projected To Explode With Massive Quadruple Growth By 2020
The "Internet of Things" (commonly shortened to IoT) is a term you've likely encountered by now. At its core, IoT is a working concept of everyday devices and gadgets connected to the Internet, and it's the backbone of today's smart home movement. Whether it's pushing a button to re-order more Tide detergent from Amazon or upgrading your thermostat to a smart model that learns your routine and automatically adjusts the temperature accordingly, it's all part of the fast growing IoT market.
How fast? Market research firm ABI Research predicts that the number of business-to-business (B2B) IoT connections will more than quadruple to 5.4 billion by 2020. The stat is cited in a Verizon reported titled, "State of the Market: The Internet of Things 2015." It's aimed at enterprises that might be underestimating the IoT sector by not having a strategy in place.
"It's not hype. The Internet of Things is already having a massive impact on businesses," Verizon states in the report. "It offers organizations the opportunity to transform how they operate, and gives both new entrants and established players the ability to innovate and disrupt."
Based on its research, Verizon estimates that just 10 percent of enterprises have adopted IoT extensively, though it expects that number to grow. By 2025, organizations that dive deep into IoT will be at least 10 percent more profitable than competitors that don't, Verizon says.
As the nation's largest wireless carrier, Verizon has a vested interest in the IoT market. The company has more than a dozen years of experience in connected solutions and today manages millions of connected devices. It's also investing rather heavily into IoT technology.
You can read the report here (PDF).
How fast? Market research firm ABI Research predicts that the number of business-to-business (B2B) IoT connections will more than quadruple to 5.4 billion by 2020. The stat is cited in a Verizon reported titled, "State of the Market: The Internet of Things 2015." It's aimed at enterprises that might be underestimating the IoT sector by not having a strategy in place.
"It's not hype. The Internet of Things is already having a massive impact on businesses," Verizon states in the report. "It offers organizations the opportunity to transform how they operate, and gives both new entrants and established players the ability to innovate and disrupt."
Based on its research, Verizon estimates that just 10 percent of enterprises have adopted IoT extensively, though it expects that number to grow. By 2025, organizations that dive deep into IoT will be at least 10 percent more profitable than competitors that don't, Verizon says.
As the nation's largest wireless carrier, Verizon has a vested interest in the IoT market. The company has more than a dozen years of experience in connected solutions and today manages millions of connected devices. It's also investing rather heavily into IoT technology.
You can read the report here (PDF).
