Verizon's Internet of Things Is the Next Big Thing

Verizon - United States

Verizon says that Internet of things will have a huge impact on our lives in near future. Verizon is about to launch a new 4G LTE network especially designed for small devices such as like trash compactors, street lamps and vineyard soil sensors. The company is making a lot of money from connected devices. On Wednesday, Mike Lanman, the senior vice president of Enterprise Products on the Product and New Business Innovation team at Verizon, announced that the company has made $500 million revenue so far this year from the connected devices. Mike Lanman further said that still there are countless challenges holding IoT (Internet of Things) world back from being widely adopted.

So company has decided to do what it takes to make things possible. Verizon has come up with a new strategy to accelerate adoption. The company has launched ThingSpace platform which is a cornerstone of Internet of Things strategy. The purpose of launching ThingSpace is to allow business and developers embrace the IoT and accelerate its adoption worldwide. ThingSpace is an ideal platform for developers. Developers will be using the platform to develop apps for customers to manage their devices. Mike Lanman said. "It's no wonder so many people with great ideas about the Internet of things don't get out of the gate." So ThingSpace can play an important role in accelerating IoT adoption globally.

It looks like the company has also learned a lot from its past mistakes. So now they are focusing on building the tools not the apps. “In the past what we were trying to do was we were trying to write applications and trying to develop the IP for music stores for example, and in this environment it’s just the tools,” Mike Lanman says. “The thing you learn is that you should do the things that you do really well, and rely on domain experts that can do things better than we ever will and help them get to market.”

Internet of things is the future for how we live and work, says Mike Lanman, senior vice president Enterprise Products at Verizon.

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