Earlier this year Verizon released its “State of the Market Internet of Things 2015” report which found that 1.2 billion devices are linked to the Internet of Things (IoT) today, and predicted that there will likely be 5.4 billion B2B connections across the globe by 2020. We see the incredible potential of IoT taking shape every day as we work with our portfolio companies as they build technologies that will transform the way business is conducted.
When Verizon recently announced plans to build an entirely new 4G LTE network core specifically designed to meet the growing needs of this market, we immediately saw the opportunity this kind of resource presents – not only to the startups in our portfolio, but to innovators everywhere. ThingSpace is a new IoT platform that will allow easy management of IoT deployments, including all related data from a device to a network and then to an application. The platform creates opportunities for developers to build powerful new IoT applications, all in an open environment.
The near vision for ThingSpace is that it will create new business uses for cellular connections in utility metering, agriculture and industrial applications. To help make sense of all the data collected via IoT, the collective analytics expertise of Verizon will be commercially available as part of ThingSpace. The platform will also include staff to help smart device makers create compatible applications and devices. The module demonstrated at Verizon’s unveiling event reduces the cost of adding LTE to an Internet-connected device, and bringing these kinds of costs down will further accelerate the development of IoT technologies.
As much as IoT offers opportunity for emerging companies, it also represents a significant part of Verizon’s business. At the rate the market is evolving there will be a projected 20 billion devices in the near future—what’s missing is a reliable underlying network to connect all of these devices. With ThingSpace, Verizon is building the infrastructure needed to support countless industries. Driving innovation to tackle big challenges is at the core of Verizon’s mission and it’s times like these when you can see how exciting it is to help power the solutions that are advancing the connected society of today.
To learn more about Verizon’s global IoT strategy announcement, click here.
Related posts from Verizon Ventures:
Verizon Ventures Helps Filament Enable A Decentralized IoT Economy
Transform Your Business with the Internet of Things
Verizon Venture Forum: IoT – Connecting Devices To Drive Solutions