Verizon (VZ) is going after 'The Internet of Things'. The company is looking to take a bigger bite out of web connected devices after generating a $500 million revenue so far this year. As the smartphone market gets more saturated, the Internet of Things looks to provide a positive growth platform. In the first quarter Verizon is set to launch a new, cheaper service to connect home devices to the Internet. These can include smart items like smoke detectors, thermostats and factory water pumps. The company has also introduced a new chip that reduces the cost of connecting gadgets to existing networks. The development is expected to halve the price of getting low data usage devices online. The latest research suggests that the Internet of Things market is expected to be worth around $1.7 trillion by 2020.