Photo courtesy of Verizon.

Photo courtesy of Verizon.

Connected vehicles have become a leading investment target in the Internet of Things (IoT), a growing movement to connect vehicles, homes, offices, security cameras, and utility grids to the internet, according to a new Verizon report.

While manufacturing companies made the largest investment in 2017 with $183 billion, transportation companies invested $85 billion and utilities invested $66 billion, according to Verizon's "State of the Market: Internet of Things 2017." The report was released Sept. 12.

"Manufacturing, transportation and utilities are leading the way with IoT investments in 2017. Yet insurance, consumer and cross-industry IoT investments, such as connected vehicles and smart buildings, will see the fastest spending growth," according to the report.

Other findings of the report include that transit saw a 40% boost in IoT spending from 2016 to 2017. A case study analyzes how Columbus Yellow Cab is working with Verizon Share to automate and streamline its fleet reservation and payment process.

Verizon has made a heavy push into the fleet telematics industry in the past year, by acquiring Fleetmatics in November of 2016 and Telogis in June of 2016.

In the report, Verizon outlines its own IoT initiatives and products.

Verizon Share solutions include a platform that integrates data and functionality needed to track and manage shared assets from large construction equipment to campus-based bicycles.

Verizon's Intelligent Track and Trace platform offers GPS location tracking and temperature monitoring of shipments through the supply chain, especially for healthcare companies that ship vaccines and other temperature-sensitive goods.

Download the report here.