More than one billion devices have already been connected to establish the Internet of Things. Now the falling cost of sensors, connectivity and increasing data processing power is expected drive participation at massive levels over the next five years.
Verizon has launched a report analysing the state of IoT. In 2014 alone Verizon posted 45% year-over-year revenue growth in its own IoT business. Today, Verizon manages more than 15 million IoT-enabled connections for a wide range of industries.
This chart shows the company’s predictions for IoT connections over the next five years.
Big data is transforming the way existing industries operate, for example capturing and analysing information has helped transportation companies save millions. The world’s top car manufacturers all have a connected-car strategy and according to Verizon’s research it’s something a quarter of car buyers consider at the time of purchase.
But the company said adoption rates within companies are much lower than other reports have suggested. It estimates just 10% of enterprises have implemented IoT into their operations.
“Adoption is growing rapidly, but IoT isn’t yet widespread,” Verizon said.
However, it said by 2025 the best businesses will have comprehensive IoT operations and will be 10% more profitable because of gains in efficiency, quality and customer satisfaction.
The full report is here.