Over 1-Bn Devices Already Connected To The Internet
The Internet of Things market is no longer in its infancy, according to a new report by ABI Research, which expects the IoT market will increase to more than five billion devices by 2020. At present, there are already more than one billion devices which are connected and running business-to-business IoT operations, it said.
The report commissioned by Verizon states that by 2025, at least five countries will have set a “zero road fatalities” target, relying on intelligent connected cars and smart road infrastructure to avoid and reduce accidents.
According to the report, of the top five sectors that are seeing an increased IoT/M2M adoption, manufacturing shows the biggest increase in machine-to-machine operations, with over 200 percent increase year-on-year. This is followed by finance and insurance with a 128 percent increase, and media and entertainment, which shows a growth of 120 percent. Home monitoring came fourth with 89 percent, one point up from retail and hospitality, which shows an 88 per cent increase.
The biggest factor driving the adoption of interconnected ‘smart’ devices is the increased use of social media and mobile technology has transformed the way people interact with each other.
“This has made improving insight a strategic priority for many organizations. The answer is to use analytics and cloud-enabled platforms, that are making it possible to understand and engage with your customers better, whatever medium they choose,” the report stated.
According to Mark Bartolomeo, vice president IoT Connected Solutions at Verizon, “When you look across the spectrum, IoT covers a multitude of solutions, from wearable devices, to remote monitoring of energy management devices to industrial transportation to improve safety and efficiency. New use cases are created every day; however, the business case for IoT and enterprise adoption often gets overlooked.”
Within the past year, amid an improving economy, we’ve seen a number of new entrants starting to use IoT as a roadmap to improve their customers’ experiences, accelerate growth and create new business models that are driving societal innovation, he added.
Verizon believes that IoT solutions can increase in sophistication in two ways – in the way that they gather data and understand the world, and the way they act to apply that knowledge.
However, the next generation companies that will excel at IoT will be the ones that understand that it enables new business models that require understanding customers in real-time and delivering products and services that change in real-time as a result. Not easy, but an exciting prospect nonetheless, it said.
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