February 26th, 2015
Businesses that embrace the Internet of Things (IoT) will be up to 10 percent more profitable by 2025, according to a new study from Verizon (registration required).
Before you rush to make new connections, consider the obvious. Verizon has a vested interest in promoting the IoT. In 2014, the company saw a 45 percent year-over-year revenue growth in its own IoT business — which translated to about $585 million of its $88 billion in revenue in 2014.
Still, the research is interesting.
Verizon, using proprietary data and results of commissioned studies from ABI Research, estimates there were 1.2 billion different devices connected to the Internet last year and that the number will rise to 5.4 billion by 2020 for an annual growth rate of 28 percent.
So how can you tap in to boost your bottom line?