While IoT is poised to hit the mainstream this year, 2015 was the year IoT gained legitimacy, according to a recent report by Verizon.
The race to usher in new business models and revenue streams through IoT shows no signs of abating in the near future. In 2016, enterprise IoT startups will generate two to three times more funding than their consumer counterparts, which was opposite of 2014 when consumer IoT startups raised 15% more venture capital funding, according to research by Verizon Ventures.
Revenue growth is the biggest driver for IoT, but research conducted by Verizon Communications Inc. (NYSE: VZ) found that currently only 8% of businesses are actually using more than 25% of their IoT data. As IoT ramps up, businesses that are already using IoT estimate that in three years' time that number was likely to increase to 48% as companies see the value in monetizing new products and services.
While there's a wide and growing range of IoT applications, Verizon's report zeroed in on the following key areas: smart cities, energy/utilities, agriculture, transportation, healthcare/pharma and home monitoring.