Thursday 30th Mar, 2017

Verizon report says Internet of Things (IoT) now mainstream

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A report released by Verizon indicated that the Internet of Things had gone mainstream in 2015.

Titled “State of the Market: Internet of Things 2016,” the report includes insights from an Oxford Economics study commissioned by Verizon among other new findings.

Throughout 2016 and beyond, Verizon’s experts say that IoT will continue to be a revenue driver for businesses both large and small due to the confluence of five macrotrends:

  • Consumer expectations of increased utilisation of their mobile phones (81 p% of IoT adopters in the public sector believe that their citizens increasingly expect them to offer enhanced services from data and IoT)
  • Data analytics will evolve from descriptive data collection to a more sophisticated model of predictive and prescriptive data analytics and as industries seek to derive meaningful insights to benefit their customers, there will be a shift from “big data” to domain experts.
  • Changes in the regulatory landscape will continue to bring the right partners together to help establish industry standards more quickly.
  • Network connectivity, low power devices and IoT platforms will broaden innovation by creating more tools for developers and enabling businesses to scale their IoT deployments from millions to billions of connections more cost-efficiently. Next generation 5G wireless technology will be part of this.
  • Security experts are keeping up with the development of technology by looking to arising threats.

While the report was commissioned in the US and does not specifically address civil construction, IoT is a worldwide trend and there are many projected (and current) applications in construction.