The Internet of Things has gone mainstream, thanks to a confluence of consumer and enterprise demand, regulatory changes and more sophisticated developer tools, Verizon has claimed.
In its State of the Market: Internet of Things 2016 report, the US operator said potential for revenue growth was the biggest factor driving adoption, with data monetisation the biggest area.
The operator said there were a number of factors influencing the market. Within between three to five years, consumers will have a much greater level of automation in their daily lives, thanks to IoT services. The report said consumers expect that their devices can and should do more.
This demand is matched by the public sector. The report found 81 percent of IoT adopters in that area said their citizens demand more data and IoT-based services.
The report found more than half of businesses expect to be using more than a quarter of their data during the next two to three years. Verizon said analytics will become more sophisticated and and predictive as businesses look to get better insights from their customers.
Verizon also hailed the changing regulatory picture that made it easier for partners to work together and develop standards quicker. Another key development was an increase in network connectivity, low power devices and platforms that make it easier for developers to build new products and solutions.
The report also highlighted the importance of start-ups. Last year, enterprise IoT start-ups got 75 percent more funding than their consumer counterparts. This year enterprise will outpace consumer by three times as much funding.
Mike Lanman, Senior Vice President, IoT and Enterprise Products at Verizon, said: “The view has been that IoT is a mashup of complex technologies used only by early adopters. In the past year, we’ve seen compelling examples of how IoT is being deployed by a wide-range of enterprises, entrepreneurs, municipalities and developers to address relevant business, consumer and public needs. Meanwhile, consumers are more willing to try new technologies and apps that introduce a better way of life. The end result will not only give rise to thousands of new use cases over the next two years, but will also create an accelerated pipeline for innovation and a new economy.”