Verizon IoT Business Hits $500 Million, Launches New Platform

• Reuters, Thursday, October 29, 2015 9:05 AM

Verizon Communications Inc is trying to pave the way for developers to connect more devices to the Web, as its "Internet of Things" business has touched $500 million so far this year, an executive said on Wednesday. Aimed at connecting to the Internet everything from household devices to industrial machines, the business is growing at a "double-digit" rate, Mike Lanman, senior vice president of enterprise products at Verizon said at an event in San Francisco. "A large portion of our revenue comes through connectivity but a significant part of it comes from the application layer already," he said in a phone interview after introducing a platform to help customers develop applications in healthcare, agriculture, utilities and connected cars.

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