The IoT technology with vast data and predictive analytics making way for new business models and new growth for many organizations. During the past few years the world has been buzzed with the phrases ‘internet of things(IoT) and ‘big data’, without much clear articulation as to how they can be used in real businesses and industries, or better yet ‘what’ they are.
According to communications giant Cisco Systems, currently there are approximately 15 billion internet-connected objects (things), slated to reach 50 billion by 2020.
Image: Cisco The Internet of Everything (IoE) – Connections Counter
‘IoT’ is the fast-growing term for the new universe of internet-connected objects of things (which includes sensors in chemical plants, power plants, water pumps, salinity monitors, water meters, power meters, runner’s wrist band with heart rate–all the way to dog’s collar band with GPS locator or any other animate or inanimate objects that can have attached or ‘embedded’ sensors).
These sensors can track signal data and transmit them to the internet cloud for monitoring, analysis and predictions for preemptive actions. ‘Big data’ on the other hand is the astronomical amount of data being pumped out by various systems in large volume, variety, velocity and veracity. These are both structured and unstructured information, making it unfit for processing using conventional SQL-relational database management systems (RDBMS). A whole new class of tools has emerged—Apache’s Hadoop, NoSQL, MapReduce, Apache Spark etc., to tackle the market needs. Unquestionably, the IoT and Big data systems are interconnected and generating massive amounts of data. But to leverage the data and transform an organization’s business model toward higher competitiveness will require ‘actionable’, ‘real-time’, and ‘easy-to-access’ data for analysis and preemptive actions. This is paving the way to view the big blanket called ‘cloud’ into sub-
categories: Industrial Cloud, IT Cloud, Operations Cloud and others.
What results can IoT/Big Data bring to my organization? It is clear that IoT and big data are on the path to transform many areas of business and life. The big question remains—which sectors are primed to experience disruption due to IoT/big data? According to renowned research group IDC, “Over 50% of IoT activity is centered in manufacturing, transportation, smart city and consumer applications, but within five years all industries will have rolled out IoT initiatives”.
Together with EMC, IDC predicts that IoT will create new business opportunities in five areas, shown in graphic below.
A whole new generation of IoT applications providers will be needed to address the specific business needs such as—predictive maintenance, asset utilization, demand/supply optimization, loss prevention, disaster planning and recovery, downtime minimization, equipment performance effectiveness, energy use optimization, demand forecasting and many more. A small to medium size IoT application provider has many advantages over the large ones, e.g. ability to move quickly to customize the app for the client’s changing needs, lower cost of overall system implementation.
The expected economic value to the global economy from the IoT/big data is approximately reach a staggering $14.4 trillion for private sector and $4.6 trillion for public sector by end of 2013, according to Cisco published studies.
We at remoteMX are equipped with the nuts and bolts to help your company harness the growth potential in IoT technology with customized solutions!