While such growth is widely forecast, Verizon also sponsored a survey by Oxford Economics that found that only a small number of businesses are taking advantage of the data produced by connected devices. The survey of 500 senior level executives in 14 countries, including the U.S, found that just 8% of businesses are using 25% of their IoT data. That 8% is expected to rise to 50% in less than three years.
The survey also supports a premise that Gartner and other analyst firms have espoused that companies are increasingly using IoT data to gain insights into markets and to create and sell new services. In the past, the focus of IoT was primarily on collecting and using data for improving the operational efficiency of a corporation itself.
In addition to recognizing the ability to create new services, other factors are expected to push IoT growth, including new government regulations. Verizon's Bartolomeo noted that the federal Drug Supply Chain Security Act will require drug makers, starting in late 2017, to electronically transfer prescription drug shipment information across the U.S. drug supply chain.
For smart cities, federal dollars will be used on highway improvements that will provide smart traffic signals and other technologies designed to reduce traffic congestion, Bartelomeo said.
In agriculture, Verizon unveiled a case study with Ward Aquafarms in Falmouth, Mass., on Cape Cod, to monitor the safety of oyster harvests. Verizon's ThingSpace is used by Ward along with thermal radiometry sensor-enabled cameras made by Mobotix AG that can measure sub-tidal water temperatures, chlorophyll content and other information that can be combined with satellite imagery. All this data is combined to monitor the safety of the oyster harvest and predict oyster growth, Verizon said.
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