So when Milton Keynes says today that it's setting up an IoT network with BT and Neul, you have to wonder who's paying for it?
Because the question mark over IoT is: What is the business case?
Interestingly, one of the only two use cases (the other being dustbin monitoring) for IoT networks instanced in today's announcement is the provision of dynamic information on parking spaces.
That is exactly the same use case as was quoted to me by ARM's CTO when I asked him for the IoT business case.
The only one of these I know of is the IoT-based parking scheme which has been installed in San Francisco - paid for out of taxpayer dollars.
Not what Noyce would have called "real money".