5 Key Takeaways from Verizon State of IoT Study
Verizon has released its State of the Market: Internet of Things 2016 report. Here's what you need to know.
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During the month of April, Penton Technology brands The WHIR, Talkin’ Cloud, The VAR Guy and MSPmentor are focusing on the rapidly expanding area of the Internet of Things, and the opportunity it presents for service providers.
According to Verizon, revenue growth is by far the biggest factor driving IoT.
"Throughout 2016 and beyond, we’ll continue to see IoT deployed as a mainstream path to generating higher revenue, thanks largely to the rise of four key trends which have come to an inflection point in the past year; data monetization, core IoT networks and low power devices, platforms as a service, and investment in IoT startups," Verizon said in a report.
The proliferation of IoT platforms, such as IBM's Watson, "will make building and deploying applications easier, faster, secure and more accessible for everyone," Verizon said in its report.
Platforms address concerns around fragmentation, complexity, and security and privacy.
Only 8 percent of businesses are actually using more than 25 percent of their IoT data, according to Verizon. Nearly half of businesses already using IoT estimate that in two to three years they will be using more than 25 percent of their data as they monetize products and services based on insights driven from IoT devices.
In 2014, consumer IoT startups raised 15 percent more venture capital funding than enterprise-focused startups. In 2015, enterprise outpaced consumer by around 75 percent. In 2016, Verizon expects enterprise to be 2-3 times more than consumer.
According to Verizon, 81 percent of public sector IoT adopters "believe that their citizens increasingly expect them to offer enhanced services from data and IoT."
Verizon said that IoT will help track usage and behavior for services such as insurance and healthcare, as well as
According to Verizon, 81 percent of public sector IoT adopters "believe that their citizens increasingly expect them to offer enhanced services from data and IoT."
Verizon said that IoT will help track usage and behavior for services such as insurance and healthcare, as well as
Verizon has released its State of the Market: Internet of Things 2016 report. Verizon (VZ) commissioned Oxford Economics to put together the report, which compiles interviews with Verizon customers and subject matter experts, as well as data from third-party research. Talkin' Cloud has read through the report and come up with 5 key takeaways that you must know about the Internet of Things.
What are some of the questions you want answered around the Internet of Things and what it means for your business? Please let us know in the comments or email me at [email protected].
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