The current era is the era of IoT – Internet of Things. A report published by the world’s leading research and advisory company, Gartner, estimated that more than 8 billion products, linked via the internet were used during the previous year. This indicated an increase of 31% in the used of connected devices as compared to their use in 2016 and the use of connected devices is only going to accelerate upwards. The consumer segment alone represented the approximate 66% of the overall applications in use, which has been measured to be more than 5 billion units.
The similar study also assessed that the future of the business of IoT products, amounting to more than 20 billion units in the next two years, is pertinent to cross-industry connectivity. This not just includes smart meters, but perceives smart buildings with an interactive interface for security, HVAC systems, and even lighting. The business of IoT products in 2017 determined approximate spending of 1 trillion dollars on hardware only, where 725 billion dollars came from the consumer division. This amount is set to reach the value of 3 trillion dollars in the next two years.
Areas of Growth for Big Data and IoT
According to a study conducted by McKinsey, the growth of big data and IoT is dived into the following nine different areas that include public sector, business, and consumer applications:
This area is pertinent to all products associated with wellness such as ingestible and wearable products.
This area involves management and security systems for residential settings.
In offices, the focus will be on security and energy management for commercial buildings eventually leading to improvements in the overall businesses’ productivity.
This includes the key operating proficiencies along with predictive safety and maintenance particularly in the construction, oil and gas and mining sectors.
This involves all the domains with reoccurring routine tasks. The areas may include hospitals, farms, manufacturing and packaging industries. The applications are focused on inventory control, operational resourcefulness, and overall optimization.
This includes all the domains where customers are making any sort of purchasing activity such as stores, banks, arenas, and restaurants. The applications include inventory management, in-store engagement, and most innovative self-checkout.
This area is focused on the infrastructure of an urban setting. This may include management of the resources and control of the traffic.
The area relates to occurrences pertaining to navigation, routing, and logistics activities within a rural environment.
The vehicle arena mainly involves truck fleets, boats, and aircraft. IoT has been concentrated on improving operational resourcefulness, maintenance, and design.
In general, the financial impact of all these areas is calculated to reach a value above 11 trillion dollars in the next 5 years.
Data is Available – The Only Requirement is to Make Use of This Data
The eventual meaning of all the IoT products, devices and sensors is ‘Data’ and a large volume of data. According to the estimation made by the International Data Corporation (IDC) on the basis of their market research, approximately 40,000 Exabyte of data will be produced within the next two years. The rapid growth of data because of IoT can be assessed by the fact that during the very first year of the 21st century, three Exabyte of data was produced collectively all around the world.
Until recently, the major portion of the big data is still not utilized. According to the same research carried out by McKinsey, an oil rig merely makes use of one percent of the data received by 30,000 sensors as an endemic sample. This is partly because the company utilize the data obtained by the sensors only for the purpose of quality assurance and does not utilize this data for making forecasts or optimization. However, the major cause behind the underutilization of big data obtained from IoT is the deficiency of interoperability. Computer systems being used by businesses, both hardware and software are not designed for exchange or processing of such massive volumes of complicated data obtained from sensors.
IoT Interoperability at Scale
IoT is not simply related to the collection of information. To hitch the real essence of IoT and big data and to obtain insights to drive innovation, businesses are required to swiftly and skillfully prepare and combine dispersed and unorganized data. This is why data wrangling software solutions are being used across various industries in order to make the best use of big data and IoT.
In retail, data wrangling solutions can support in-store activities with data obtained by POS terminals for an improved personalization of the recommendations. The data wrangling technology can be applied to the transportation industry by integrating data received by the fleet sensors. This will effectively support with monitoring driving behavior, reducing emissions, and optimizing routes. This will also help by merging uncountable multi-structured logs of the data with the conventional data to accelerate the development process of new products and enhance the lifespan of assets within an industrial setting.
With data wrangling software solutions, the domain of big data and IoT do not get overwhelm any longer. The data obtained from the sensors has become the key to innovation instead of getting wasted or overburdening the IT department.