This information is presented to allow clients to determine if the publication’s content is relevant, Halberd Bastion advocates reading the 24-page report in its entirety. Verizon’s Report Can Be Downloaded Here.
Verizon (www.verizonwireless.com) is the largest wireless telecommunications provider in the United States and, joined by research and advisory firm Gartner, has released a report demonstrating how IoT is transforming business results. Sources used for the report include Verizon’s own usage data, commissioned research by ABI Research, Verizon’s clients already deploying IoT throughout projects, Gartner and International Data Corporation (IDC) reports. Verizon’s report predicts that organisations who extensively adopt IoT with experience a minimum of 10% increase in profitability.
Already there are many organisations reaping benefits from IoT projects, some examples include:
- Transportation companies reducing fuel consumption from data being analysed in real-time.
- Local governments deploying smart LED street lights that automatically report when maintenance is required.
- Utility companies installing smart meters that provide extremely accurate data while completely removing the need for costly and inconvenient house visits.
Each organisation will experience distinctive benefits depending on the industry they are operating within. Typically, the major benefits fall within three categories:
- Improved customer/citizen experiences.
- Acceleration in growth and business performance.
- Improved safety and reduced risk.
There is over 1 billion machines and devices contributing to IoT and the trend is heading towards huge growth over the coming years. This can be attributed in some way to:
- Cheaper sensors, connectivity and data which makes the Return On Investment more attractive.
- Increased confidence among both investors and consumers in new technologies has allowed business executives to be more responsive towards investing in IoT.
- Adoption rates are high and growing quickly, Verizon’s year-over-year revenue increased by 45% from 2014 in IoT business. 4GLTE connections grew by 135% and now there are over 15 million IoT connections across many industries.
While IoT has expanded and matured significantly Verizon puts the current level of large scale adoption within organisations at just 10%, with a huge amount of growth yet to occur.
The report will provide insight into factors driving adoption, recommendations regarding planning for growth and a number of 10 year predictions.
