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One barrier to innovation is that developers of new IoT solutions have to go through multiple channels and cumbersome processes to access the tools they need to create and launch applications.

Realising that, Verizon, as part of its new global strategy, is simplifying that process with ThingSpace, allowing users to manage their IoT environments and related data, end-to-end, from device to network to application.

With an ecosystem of more than 1,000 channel partners and revenue from its IoT and telematics solutions totaling US$495 million year-to-date, Verizon is generating one of the largest amounts of revenue from the Internet of Things of any company in the U.S.

“Continued innovation in smart cities, connected cars and wearables demonstrates that IoT is the future for how we will live and work,” said Mike Lanman, senior vice president Enterprise Products at Verizon.

“Despite the exciting potential, IoT is still too complex, too fragmented, too expensive to connect and too hard to scale. Success in that future relies on a leader that can cut through the complexity and change the IoT model. That’s where Verizon comes in. With our experience in networks, devices, platforms and applications, we are taking a holistic approach to simplifying adoption to expand the IoT market from millions to billions of connections.”

Other global plans include creating a new dedicated network core and new connectivity options for the next-generation of IoT use cases. Developers can also build IoT solutions using Verizon’s extensive capabilities and innovation resources. As of today, all developers – even if they are not a Verizon customer – can code and test on the ThingSpace platform.

Another barrier to widespread IoT deployment is the cost to connect to a wide-area network compared to other networks like Wi-Fi, Bluetooth and ZigBee. Non-cellular-enabled IoT devices typically connect to a network through a hub or router, which complicates the set-up for customers and increases the potential for failure.

As IoT becomes more widely adopted, network connectivity needs to be simple, reliable and economically viable. Recognising this market gap, Verizon has created a core IoT network within its LTE architecture optimised for Cat1 devices.

Verizon has also worked with partners to embed LTE chipsets in a wide-range of connected machines to automate the provisioning process and make it faster to deploy IoT devices on its wide-area network. These enhancements are designed to meet or exceed the economic requirements of the next-generation of IoT use cases. Additional enhancements planned in 2016 include enabling Power Save Mode for IoT devices to facilitate several years of battery life.

Understanding how to consume and manage data in order to address customer needs, solve market problems and generate societal benefits is another barrier to scaling IoT.

To help businesses and consumers gain more actionable insights, Verizon is powering IoT technology with its sophisticated big data engine. One of the most advanced data and analytics operations of any industry, Verizon’s platform is designed to consume massive amounts of data generated by IoT devices and other machines, analyse it at extremely high speeds and use scalable machine learning to turn raw data into usable intelligence.

Designed under the direction of the company’s chief data scientist at Verizon’s labs based in Palo Alto, California, this multi-tenant data and analytics platform is being commercialised for large-scale IoT deployments.

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