Internet of Things Expected to Quadruple in Size by 2020

Verizon's "State of the Market" report highlights the rapid growth and transformative potential of the Internet of Things (IoT), with over a billion devices already connected and predictions of reaching 5.4 billion by 2020, marking a 28% annual growth rate. The report underscores significant year-over-year growth in Verizon's IoT business, including a 45% increase in revenue and 135% growth in 4G LTE activations, while predicting that business-to-business IoT connections will more than quadruple in the next five years. Key sectors like manufacturing, finance, insurance, and media are seeing increased machine-to-machine operations, with the automotive industry adopting connected car strategies and smart city capabilities becoming essential for future investments. IoT growth is driven by technological, political, and social factors, including the reduced costs of sensors and connectivity, although security concerns remain a challenge in a fully connected world.

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