Business leaders find IoT economics “increasingly compelling”, says Verizon
Business leaders find IoT economics “increasingly compelling”, says Verizon
(Credit: Verizon)

Business leaders find IoT economics “increasingly compelling”, says Verizon

When it comes to IoT and its role in digital transformation strategies, business leaders are sitting up and paying attention, says Verizon.

Almost three quarters (73 percent) of those surveyed on behalf of the US telco for its The State of the IoT Market: 2017 report said they are researching or currently deploying IoT.

The manufacturing, transportation and utilities are leading the charge, making up the largest percentage of investments, while insurance and consumers represent the fastest areas of spending growth. A collective $2 trillion is expected to have been spent on IoT by the end of this year.

There are now 8.4 billion connected ‘things’ in use, Verizon reckons, up 31 percent from 2016.

Read more: Survey shows IIoT has “crossed the chasm”, claims Zebra

Setting an example

The report showcases a number of companies where IoT is already delivering business benefit, underpinned by Verizon’s connectivity services. These include:

  • Hensel Phelps: The Greeley, Colorado-based construction company is using drones for building inspections, gathering data for architects and surveying.
  • Columbus Yellow Cab: The Columbus, Ohio-based taxi firm is using Verizon Share solutions to automate and streamline cab reservation and payment processes for its full fleet of cabs and drivers across the state.
  • Aegerion Pharmaceuticals: A subsidiary of Vancouver-based Novelion Therapeutics, Aegerion is using IoT-enabled track and trace technology to thwart counterfeiting and meet the requirements of the US Drug Supply Chain Security Act (DSCSA).

Read more: Six out of ten IoT projects fail at trial stage, says survey

Driving value

“Over the past year, industry innovators in energy, healthcare, construction, government, agtech and beyond have not only piloted, but in many cases, deployed IoT technology to improve business efficiencies, track and manage assets to drive value to the bottom line,” said Mark Bartolomeo, vice president of IoT connected solutions at Verizon.  

“In 2017, advancements in technology and standards, coupled with changing consumer behaviors and cost reductions, have made IoT enterprise-grade, and it’s just the tip of the iceberg in driving economic value across the board.”

Read more: IoT projects driving IT budget decisions, 451 Research finds