News: Company has made $495m from IoT this year.
Verizon has launched a new self-service web interface, dubbed ThingSpace, to attract more developers to come up with new applications.
ThingSpace will allow users to manage their IoT environments, applications and related data, end-to-end, from device to network.
The platform will be available for non-Verizon customers as well to test their applications.
The company plans to roll out hundreds of more APIs on the platform throughout 2016.
Verizon said that its revenues from IoT and telematics systems have crossed $495m so far this year, which is more than the $585m the company made from the IoT business last year.
In addition to ThingSpace, Verizon has created a core IoT network within its LTE architecture optimised for Cat1 devices, teaming up with partners to embed LTE chipsets.
Verizon is also using sophisticated big data engine to help businesses get more actionable insights, and convert raw data generated by IoT devices and other machines into usable intelligence.
Leveraging its network, cloud, security and IoT capabilities, the company is launching Intelligent Video, Intelligent Lighting and Intelligent Traffic Management systems for smart cities.
Verizon‘s rival AT&T is also trying to bolster its IoT business through initiatives such as a cloud-based data-analytics platform for companies and a global SIM card for connected cars.
Verizon Enterprise Products senior vice-president Mike Lanman said: "Continued innovation in smart cities, connected cars and wearables demonstrates that IoT is the future for how we will live and work.
"Despite the exciting potential, IoT is still too complex, too fragmented, too expensive to connect and too hard to scale.
"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."