In a September study, Juniper Research predicted that retailers will spend about $2.5 billion in hardware and installation to be part of the Internet of Things (IoT) revolution. That high number is no surprise, especially considering that major technology companies such as Amazon, General Electric, Google and others are hopping on board the IoT bandwagon. Now, one major Internet service provider has announced a new platform to try and keep the costs lower, but that may be just one of many issues—including cybersecurity and regulatory concerns— facing IoT companies.
On Oct. 28, Verizon revealed plans to adapt its current telecommunications network to the Internet of Things, connecting a range of sensor-embedded devices to Verizon’s 4G LTE network, as well as future 5G networks, at a lower cost. The goal, the company said, is to not only make the cost of producing these devices lessened, but also to reduce the access charges for companies looking to connect to Verizon’s network.
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