Verizon says Internet of Things revenue at $500 million year-to-date

As the market for smartphones and mobile devices gets saturated, Verizon and its biggest rival AT&T Inc (T.N) are hoping that connecting more objects and appliances to their networks will provide an avenue for growth.

The global Internet of Things market is expected to grow to $1.7 trillion in 2020 from $656 billion in 2014, according to market research firm IDC.

Examples include Verizon's fleet management tracking application and a partnership with Intel Corp (INTC.O) to provide water management sensors in vineyards, Lanman said.

At the event, Verizon also unveiled a chip that Lanman said halves the cost of connecting low data usage devices like dog trackers to high-speed networks.

AT&T has also been working on growing its "Internet of Things" business and previously launched initiatives such as a cloud-based data-analytics platform for companies and a global SIM card for connected cars.

AT&T said last week it added 1.6 million connected devices including 1 million connected cars in the third quarter of 2015.

http://www.reuters.com/article/2015/10/28/us-verizon-internetofthings-idUSKCN0SM2RW20151028