‘Connectivity makes a vehicle much more desirable’ says 25% of car buyers

Enterprise adoption of the Internet of Things is starting to gain momentum as the IoT market is set to rise to 5.4 billion connections by the year 2020. A Verizon report explains what is IoT, what the organizations are doing with it, and how businesses can get the most out of it. Read on

By connecting ‘things’ in the real world — such as cars, buildings, and industrial equipment — IoT promises to revolutionize how we live and work. From wearable devices to smart cities, the benefits reported have prompted organizations of all sizes to ask how IoT might affect their organization and their industry, and what they can do with it.

The report ‘State of the Market: The Internet of Things (IoT) 2015: Discover How IoT is Transforming Business Results’, details key factors that are driving the increase in IoT deployments and includes guidance for business and public sector leaders on developing an IoT strategy. The IoT market is likely to experience around 28% year-on-year growth, rising to 5.4 billion connections across the globe by 2020, counting cellular, fixed line, satellite, and short-range wireless connections, up from 1.2 billion devices in the year 2014.

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. Additionally, ABI Research cites that organizations will introduce more than 13 million health and fitness tracking devices into the workplace by 2018. Verizon experts predict that by 2025 smart cities capabilities will become a critical consideration for companies deciding where to invest and open facilities, due to their impact on operating costs and talent availability.

Various factors are driving the growth of IoT. For example, the use of social media and mobile technology has transformed consumer and citizen expectations. Also, the declining costs of sensors, connectivity and processing power have made IoT a more viable proposition to a broader set of organizations. Changing regulatory requirements across a number of industries are also making an impact.