These three companies will dominate the Internet of Things (VZ, CSCO, GE)

The Internet of Things (IoT) is rapidly expanding, which means the space is becoming increasingly competitive.

Companies are racing to establish themselves as the go-to names in this market before the IoT truly explodes, and three companies in particular will have a significant advantage in becoming the backbone of the IoT, according to The Motley Fool.

The first is Cisco, which is betting that the demand for network infrastructure will increase as the IoT grows. Motley Fool notes that Cisco is the leader in this area, which should give it a tremendous boost once the IoT becomes mainstream.

The second is General Electric, which is both a supplier and a user of IoT technology. Specifically, its Predix platform permits real-time monitoring and analytics of industrial machines and sites. The company said in its annual report that it expects 200,000 assets, 100 GE applications, and 20,000 developers to use the Predix platform by the end of 2016. GE's analytics apps generated $5 billion in 2015.

The third is Verizon, which has an extensive wireless network that connections companies' IoT deployments and provides remote control of those devices in the field. Verizon also plans to debut its 5G network in 2017 and said this network will be 30 to 50 times faster than 4G, ahead of competing network providers. The company said in its IoT report that 5G will provide "the ecosystem to enable a fully mobile and connected world."

For more, see the detailed report on the IoT from BI Intelligence. Click here to learn more about how you can gain risk-free access today.