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Enterprise Internet of Things has more than 1 billion devices

There are more than 1 billion enterprise things connected to the Internet of Things.

Published Mon, Feb 23 2015 4:05 PM CST   |   Updated Tue, Nov 3 2020 12:09 PM CST

The Internet of Things (IoT) connected more than 1.2 billion devices to the Internet in 2014, with an expected annual growth rate of 28 percent up to 5.4 billion things by 2020.

Enterprise Internet of Things has more than 1 billion devices | TweakTown.com

Manufacturing, finance and insurance, media and entertainment, and home security and monitoring businesses are expected to lead the way in enterprise IoT adoption. More than 1 billion enterprise IoT devices already are connected to the Internet, and analysts expect that figure to skyrocket as more products and services are released.

"We've seen the early adoptions, but now we're getting to a new phase where we're seeing fast followers in this business," said Mark Bartolomeo, VP in charge of IoT business of Verizon, in a statement to RE/code. Verizon's IoT business helped generate $585 million revenue last year, with the wireless company expecting strong growth as IoT becomes more popular.

More businesses are studying potential IoT deployments, but only 10 percent of firms have adopted IoT technology to date.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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