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Internet of Things gains momentum among businesses, report reveals
- February 26, 2015
- News Release
- Shop Management
A new report from Verizon Enterprise Solutions, “State of the Market: The Internet of Things (IoT) 2015: Discover How IoT is Transforming Business Results,” shows that enterprise adoption of the IoT is starting to gain momentum. The report details key factors driving the increase in IoT deployments and includes guidance for business and public sector leaders on developing an IoT strategy.
According to the report, the IoT is being fueled by a mix of technological, political, and social factors that are driving more organizations to adopt IoT-enabled systems. For example, the use of social media and mobile technology has transformed consumer and citizen expectations. Also, the declining cost of sensors, connectivity, and processing power has made the IoT a more viable proposition to a broader set of organizations. Changing regulatory requirements across a number of industries also are making a difference.
The report notes that off-the-shelf IoT systems are starting to materialize with greater frequency as a replacement for highly customized solutions that have historically characterized many enterprise IoT implementations. And a broader IoT landscape brings greater security challenges. Verizon notes that digital certificates can help address growing C-suite and public concerns and meet regulatory demands around IoT and security.
New research commissioned by Verizon from ABI Research forecasts massive growth broadly, with the number of business-to-business IoT connections—more than quadrupling between 2014 and 2020—rising to an estimated 5.4 billion globally. In the automotive industry, Verizon’s telematics experts note that 14 car manufacturers account for 80 percent of the worldwide automotive market, and all of them have a connected car strategy.
According to the report, machine-to-machine connections managed by Verizon resulted in growth in 2014 of 204 percent in the manufacturing sector and 83 percent in transportation and distribution.
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The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
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