Verizon: Internet of Things already a huge market

Verizon believes the Internet of Things market is no longer in its infancy, saying that there are already more than a billion devices which are connected and running business-to-business IoT operations.

The carrier published a report named 'State of the market' (PDF), in which it predicts, among other things, that the IoT market will increase to more than five billion devices by 2020, citing ABI Research's study.

It also predicts 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 mitigate accidents.

Among those who use Verizon's services, manufacturing has seen the biggest increase in machine-to-machine operations, with a 204 per cent increase year-on-year.

It's followed by finance and insurance with a 128 per cent increase, and media and entertainment, which hs seen a growth of 120 per cent.

Home monitoring came fourth with 89 per cent, just a point up from retail and hospitality, which have seen an 88 per cent increase.

"Despite the hype, only eight per cent of all cars globally are connected to the communications network“, it says in the report.

The biggest factor driving the adoption of interconnected ‘smart’ devices is the fact that the 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 organisations. 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 states.