Verizon CEO: Widespread LTE deployment enables M2M communications to 'come to fruition'
The widespread deployment of 4G LTE networks has enabled machine-to-machine communications "to come to fruition on a big scale," Lowell McAdam, Verizon's (NYSE: VZ) chief executive officer, told an audience on Tuesday at the 2013 Consumer Electronics Show.
McAdam cited a number of examples of the M2M communications revolution. In retail, shoppers will be able to use their smartphones to get in-store product reviews, comparative prices or videos about the product.
In e-commerce, the ISIS partnership, set up by Verizon, AT&T (NYSE: T) and T-Mobile in 2010, is developing secure technology to enable mobile payments.
ISIS is working on developing secure mobile payments using near field communication technology. In October of last year, ISIS launched its mobile wallet product in a few United States cities.
Wireless communications is also expanding to cars and trucks through telematics products. To tap into this market, Verizon last year acquired Hughes Telematics for $612 million. Hughes provides consumer M2M, fleet management and connected car services.
McAdam predicted that the connected car will be able to receive streaming video, and that it will be integrated into social networks, calendars, mobile wallets and home security systems.
In health care, 4G LTE networks will allow health care professionals to send bandwidth-hogging MRIs, X-rays and CAT scans over the Internet. Verizon has also developed its mHealth platform, which provides clinicians a tool for managing chronic disease. The platform has been submitted to the Food and Drug Administration for approval, McAdam noted.
"Between that and our HIPAA-enabled cloud platform, we will have a secure, private way for patients, doctors, and insurance companies to exchange information and share medical records in a mobile environment," he told the audience.
McAdam said that his firm plans to complete its 4G LTE network rollout by mid-year. The network currently covers 273 million people or 89 percent of the U.S. population.