Business IoT connections will reach 5.4 billion by 2020

According to a research conducted by Verizon Enterprise Solutions, the number of business Internet of Things (IoT) connections will get quadrupled between 2014 and 2020, hitting 5.4 billion global connections.

There is no doubt that organizations are receiving measurable benefits from (IoT) projects.

It is expected that by 2025, organizations that adopt IoT extensively will be 10 percent more profitable than competitors that don’t.

According to the report, IoT growth is supported by various technological, political and social factors, inspiring organizations to adopt IoT-enabled solutions.

In addition, the wide spread social media trend and mobile technology along with reduced costs of sensors, connectivity and processing power has made IoT a viable option for many organizations.

The report also finds that the declining cost of sensors, connectivity and data processing power makes ROI equations for IoT projects even more appealing.

Significant growth is expected among car manufacturers and makers of health and fitness tracking devices.

Besides, the government agencies that want to start IoT projects will opt for a smaller beginning.

Meanwhile, smart cities capabilities will become critical considerations for companies deciding where to invest and open facilities, due to their impact on operating costs and talent availability.

In addition, the core technologies powering the IoT including sensors, cloud computing, intelligent networking, formulating a viable strategy and developing IoT solutions can be highly complex.

“For cities, it’s about taking data and weaving it together for actionable insight that can add value,” said Toni Oubari, manager, Internet of Things, Smart Cities and New Product Development and Innovation, Verizon.

According to Oubari, a city that uses IoT for better transportation can public safety can also translate to more jobs, economic development and improved sustainability.

The report also predicts that by 2025 more than 10 percent of electricity will be micro generated by consumers and contributed directly to the smart grid.

Sabeena Wahid
[email protected]