The Internet of Things (IoT) has enjoyed such strong growth across the business world that there is now no turning back from new deployments, a report has claimed.
New research from Verizon has revealed that 2017 marked the "point of no return" when it came to IoT adoption, with nearly three quarters (73 per cent) of executives now either researching or deploying IoT solutions in their business.
The Verizon State of the Market: Internet of Things report also claims that over $2 trillion is expected to be spent on IoT by the end of the year, with B2B enterprises leading the way.
Nearly 70 per cent of the IoT's market value is coming from the B2B sector as more and more businesses begin to see the benefits of connected technology across the workplace.
The manufacturing, transportation and utilities sectors make up the largest amount of investment, with many early pilot or test cases now becoming reality.
Overall, the report estimates that there will be 8.4 billion connected IoT devices in use by the end of the year - a 31 per cent rise compared to 2016.
“Over the past year, industry innovators in energy, healthcare, construction, government, agtech and beyond have not only piloted, but in many cases, deployed IoT technology to improve business efficiencies, track and manage assets to drive value to the bottom line," said Mark Bartolomeo, VP of IoT connected solutions at Verizon.
"In 2017, advancements in technology and standards, coupled with changing consumer behaviours and cost reductions, have made IoT enterprise-grade, and it’s just the tip of the iceberg in driving economic value across the board."