The global market for Internet of Things (IoT) Analytics is projected
to reach US$51.7 billion by 2025, driven by growing investments in IoT across
industries and the resulting focus on return on investments (ROI) delivery. Following
the over US$156 billion spent on IoT across industries such as Automotive, Construction/Infrastructure, Consumer
Electronics, Energy & Utilities, Healthcare & Lifesciences,
Industrial/Manufacturing, and Retail, companies are now aiming at getting their
money’s worth from the technology. And in this regard, “Analytics” is the tool
that will help companies get the biggest bang for the technology buck. Key
promised benefits of IoT include enhanced asset utilization, increase in
organizational productivity, high cost savings, improved safety and security,
reduced idle inventory, faster time-to-market, and creation of new revenue
streams, among others. Realization of these benefits determines the ROI generated
on IoT investments, which in turn depends on optimum use of IoT big data, which
is defined as data generated from all IoT connected devices. With the IoT
ecosystem expanding rapidly worldwide from 6.7 billion IoT connected devices in
2018 to over 20.8 billion devices by 2025, the deluge of big data generated by
these devices is becoming a challenge to reckon with. Gleaning actionable
insights from this data is becoming a top priority for companies with IoT projects.
Data analytics, in this regard, is growing in popularity given their value in
finding meaningful patterns and knowledge in IoT big data. Analytics help produce
rapid insights needed to make fact-based decisions; they bring context to
events on a continuous basis; descriptive, predictive & prescriptive
analytics answer questions such as what happened?, how or why did it happen?,
what’s happening now?, what is likely to happen next?, and what is the solution
to the problem?. Read
More…
Comments
Post a Comment