Verizon Sees IoT as Already Mainstream, Predicts Revenue Spike

IoT went mainstream in 2015, said Verizon in a report released Tuesday. Globally, the installed base of IoT endpoints will grow to more than 25.6 billion in 2019, up from 9.7 billion in 2014, and hit 30 billion in 2020, said Verizon, citing an IDC report released in February. Global spending on IoT will hit $1.3 trillion in 2019, up from $591.7 billion in 2014, with a compound annual growth rate of 17 percent, it said. “2015 was the year IoT gained legitimacy,” Verizon said in its report. “Businesses budged off a ‘start small think big’ mindset. Today, they’re building IoT into future strategies and business models.” Key areas for IoT growth include smart cities, energy, agriculture, transportation, healthcare and home monitoring, the telco said. Enterprise businesses say that revenue growth is the biggest factor driving them to adopt IoT, said Verizon, citing an Oxford Economics study commissioned by the telco. “The view has been that IoT is a mashup of complex technologies used only by early adopters,” said Mike Lanman, Verizon senior vice president-IoT and enterprise products. “In the past year, we’ve seen compelling examples of how IoT is being deployed by a wide-range of enterprises, entrepreneurs, municipalities and developers to address relevant business, consumer and public needs. Meanwhile, consumers are more willing to try new technologies and apps that introduce a better way of life.”