While only 10 percent of organisations currently are using IoT extensively, that picture will rapidly change.
Verizon said it saw a 45 percent increase in its IoT business last year, and a 135 percent increase in activations using 4G LTE, year on year.
The highest growth sector is manufacturing which saw a 204 percent increase in 2014, but other sectors are showing big growth figures too – finance and insurance experienced a 128 percent increase and media and entertainment 120 percent increase.
Verizon has a dedicated IoT VP. Mark Bartolomeo said: “IoT covers a multitude of solutions from wearable devices, to remote monitoring of energy management devices to industrial transportation.”
He said Verizon has seen a number of new entrants creating an IoT “roadmap”.
Currently, Verizon estimates that by 2020 there will be around 5.4 billion connections globally.