What is IoT analytics and its role in the future?
The internet of things is set to play a huge role in the near future, especially in industrial sectors. Sensors, manufacturing equipment, pipelines and smart meters all have the potential to transform how organisations work. IoT generates a lot of buzz because it expands the functionality of organisations and shores up any weakness in their existing operations. For example, the State Department in the US is having IoT devices installed in embassies to study various touchpoints of the embassies, including air quality to assess conditions in these embassies. However, what is of particular importance to us is the connection between IoT and data analytics. In this blog post, I am going to discuss IoT analytics and its role in the future.
What is IoT analytics?
IoT analytics is the analytics platform that can assess the data collected from IoT devices. This variant of analytics is particularly well-suited to analyse IoT data because the devices typically generate a lot of information, in a relatively short time. Statistics show that IoT devices produce 2.5 quintillion bytes of data on a daily basis.
IoT data is similar to big data but there are differences not just in terms of size, but also because of the diversity of sources. The heterogeneous data sources make data integration an incredibly complex process – in fact, data integration is one of the biggest challenges to overcome. This is where IoT analytics comes into play.
Why analytics will play a huge role?
According to a study by 2020, IoT will include over 30 billion connected devices by the year 2020 – all these devices are going to collect a large volume of data and the amount of data produced by a sensor in the manufacturing assembly line, for instance, would take a lifetime to assess. This means we are looking at an immense volume of data that organisations will struggle to handle.
A recent survey incidentally also revealed that over 26% of companies said that their IoT initiatives were successful. However, many organisations do struggle with incorporating and handling IoT because they simply lack the right systems that can handle the volume, velocity and variety of IoT data. Without IoT analytics, it would not be possible for organisations to glean the benefits of the tech.
IoT analytics is incredibly versatile and can be used for any purpose. Whether it is assessing the current condition of manufacturing equipment or studying market trends, IoT data analytics can be used in any industry and to perform any operation. Furthermore, analytics can also act as a lynchpin for different functions like industrial automation, developing cloud solutions, creating mobile apps and hardware development.
Profit and non-profit organisations will see a massive increase in the volume of data coming into their system thanks to this and, if their analytics infrastructure is not ready, it will lead to a significant reduction in the rate of data analysis, which means lower operational efficiency. In other words, data analysis will take place at slower speeds, even possibly denying some of the benefits of IoT, like the real-time analysis of data. However, with IoT analytics, it is possible to maintain data analysis at an acceptable rate. Both for-profit and non-profit organisations will benefit from this version of the data analytics platform.
What does this all mean?
IoT analytics is the best choice for organisations with an eye for the future. Data from IoT is already at 5 quintillion bytes and will only continue to grow in the future. Furthermore, IoT devices are going to draw the data from several different sources, which makes it even harder to use because integrating data from heterogeneous sources is incredibly challenging. However, what IoT analytics does prove is that it is the solution most organisations need. The analytics solution is perfectly suited for the rigours of analysing IoT data, giving organisations insight into operational efficiency, a better understanding of the market and a much needed competitive advantage.