The carrier also announced it is creating a new dedicated network core for IoT connections that can scale far beyond the ability of its existing networks with the intent to reach billions of sensors and devices.

“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 of enterprise products at Verizon during an event held at Verizon’s San Francisco Innovation Center. He said Verizon is taking a “holistic approach” to help expand the IoT market from millions of connections to billions. The event was webcast.

Other major wireless carriers, including AT&T, are developing programs to offer a range of services to industries and cities for connecting IoT sensors to wireless networks and then to cloud services for data analysis.

At Verizon, Lanman said the company is working to lower the cost of connecting billions of existing devices that companies have used for years to Verizon’s network. Holding up a new computer chip made by Sequans Communications, an LTE chip maker, he said the chip will provide a “significant reduction in cost…that changes the game.” It will provide 4G LTE connectivity in modules connected to IoT devices to “make the wide-area network more accessible to developers.”

Also, next year Verizon will launch a new IoT core network within its LTE network to provide a “much lower cost” than with Verizon’s existing wired and wireless networks.

“The cost for an IoT module and the cost to connect will both drop dramatically,” Lanman added. “Whether you are connecting your dog or water meters and any other low-payload devices, we’ll handle it through a new IoT core.”

Source-http://www.thegurureview.net/consumer-category/verizon-launches-thingspace-for-iot-development.html