Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Specials / Tech@work/  The promise of Internet of Things
BackBack

The promise of Internet of Things

According to Verizon Inc.'s 'State of the MarketThe Internet of Things 2015', report only one-tenth of enterprises have extensively adopted Internet of Things

Photo: iStockPremium
Photo: iStock

Falling costs of sensors, rising consumer confidence and increasing machine-to-machine connections are fuelling the growth of Internet of Things (IoT), where real world things such as cars, buildings and industrial equipment engage with each other digitally to revolutionize the way we live and work.

Nearly 20 million smart thermostats will ship by 2023, according to Navigant Research. And Canalys forecasts more than 43 million wearable bands will ship in 2015.

However, according to Verizon Inc.’s ‘State of the Market—The Internet of Things 2015’, only one-tenth of enterprises have extensively adopted IoT. The trend has started making its presence felt in electricity and water meters, power grids and even pipeline networks.

According to the Verizon report, IoT is saving money for transport firms that make use of live data, local governments implementing automated LED street lighting and utility companies deploying smart meters to avoid home visits.

By 2025, the report concludes, organizations that adopt IoT extensively will be at least 10% more profitable than those that don’t.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 25 Feb 2015, 07:37 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App