Verizon in its Internet of Things (IoT) 2015 report said IoT connections in business are expected to reach 5.4 billion in the next five years.
During 2014 to 2020, the number of business connections will be more than quadrupling.
In the automotive industry, 14 car manufacturers account for 80 percent automotive market, and all of them have a connected car strategy. In addition, more than 13 million health and fitness tracking devices will be introduced in workplace by 2018.
By 2025 smart cities capabilities will become a critical consideration for companies deciding where to invest and open facilities, due to their impact on operating costs and talent availability.
Verizon has seen a 45 percent year over year revenue growth in its IoT business in 2014, with 4G LTE activations growing by 135 percent. Verizon manages more than 15 million IoT connections across industries.
The IoT growth in the manufacturing industry was 204 percent, finance and insurance 128 percent, media and entertainment 120 percent, home monitoring 89 percent, retail and hospitality 88 percent, transportation and distribution 83 percent; energy and utilities 49 percent and healthcare and pharmaceuticals 40 percent.
Despite the recent growth in M2M connections and a spotlight on IoT enabled services, Verizon said widespread enterprise adoption was currently low. Verizon estimated that 10 percent of enterprise have been deployed IoT technologies extensively, suggesting that many organizations are in a pilot phase or are waiting for more reactions from early adopters.