Try to imagine, most of your competitors equip their brands with the latest innovation but you stay waiting at the start line, how competitive would you be? It is no exaggeration to say that the whole world is turning ‘smarter’. Any industry, even the most traditional ones, have an element of technology including IoT, Cloud Computing and Software.
The implementation of 5G & Low Power WAN (LPWAN) gives IoT solutions a wider space to play in. Many vertical industries are tending to pay more for non-cellular LPWAN to enhance flexibility and upgrade capabilities associated with IoT on 5G. As an example of tracking wild farm animals, the ultra-low latency and high-capacity availability of 5G IoT enables it to implement Unmanned Aerial Vehicle operation (drones). The boundary between the traditional industries and modern technology has gradually dissolved. There are numerous insights to support. As 5G era starts, 100% of the global population is expected to have LPWAN coverage by 2022(McKinsey Global Institute). Investment took up more than 50% of the overall spending in 2020.
Cloud Computing Market
Cloud computing has become a vast ecosystem of technologies, products, and services. The cloud market can generally be divided in to three segments which are Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS)
IaaS and SaaS are the predominant leaders in this market. Shifting to Cloud is a phenomenal new trend in the business world. Capacity demand could be the most significant reason as hardware utilisation issues are common for companies, especially during growth peak time. Costs mount if you can't finish projects quickly. Moreover, scalability is an important motivation as cloud computing improves the ability of rapidly scaling the compute and storage requirements. Lastly, moving to the cloud allows businesses to choose the services that are already compliant - great fro GDPR responsibilities. The Cloud providers (Such as Amazon AWS and Microsoft Azure) are responsible for the upgrades when those compliance requirements or rules change. It is forecasted that Cloud Computing market is expected to grow at a CAGR of 19.1% from 2021 to 2028. It has emerged as the latest trend, and it is going to continue in the long term.
The software market growth is unsurprisingly strong as well. Various customers are getting used to the subscription-based pricing model to meet growing IT demands, compared with on-premises software deployments, it delivers better strategic value as the deployment efficiency can be improved in a large rollout.
SaaS vendors are able to fix bugs, upgrade security and make feature improvements ion the fly. Many on-premises deployments cannot do this because it requires several layers of organisational protocols and governance to pass through. From the perspectives of both business and end-users, they experience a better onboarding and sticky process with SaaS solutions. The number of businesses specialising in SaaS that have IPO'd in 2021 has increased by 130% compared to last year.
No doubt that the whole World is adopting to transforming the way that business leverage smart technologies. Industrial 4.0 and new business models complementing each other, your business may be next inline to follow the times.
There has been much hype around the internet of things for the past few years. According to the 2019 Mordor Intelligence estimation, the market value of IoT is estimated to reach £4.5 billion by 2024 with a CAGR of 31.8%. The development of IoT and its potential in bringing significant benefits to the economy are favoured by the global market.
Among all the components of the IoT market growth, the combination of IoT and big data—IoT data analytics, is the most valuable contributor to the growth.
What is IoT data analytics
IoT data analytics is the analysis of big data that is processed through data analysis tools or procedures. Because of the variety of IoT devices, the massive amounts of data collected by those devices need to be streamlined and transformed into a consistent format first. IoT analytics is usually considered a subset of big data.
Through IoT analytics, companies can extract valuable insights from huge amounts of data and use the information to improve various aspects of their operations. Please visit our previous blog(please insert the hyperlink of IoT data collection blog here) to learn more about the common types of IoT analytics and their applications.
Why use IoT analytics
There are a great number of benefits that organisations can obtain from IoT analytics: better human productivity, improved equipment maintenance, enhanced customer experience, and optimized operation and automation.
IoT sensors with predictive analytics are able to alert businesses when physical components are likely to break down, allowing them to carry out vital maintenance work before a disruption occurs. The Myma analytics, for example, is able to detect the faults of a washing machine and tell the appliance manufacturer before the faults happen.
IoT analytics not only generate real-time insights that benefit organisations in the present but also helps them to predict future business trends in advance. By implementing predictive analytics, businesses can look to the future with greater confidence than ever before.
With the growing accessibility of IoT data analytics, more and more organisations are adopting it. Big-name corporations such as Microsoft, GE, Amazon, SAP, and Salesforce have already started implementing IoT data analytics into their daily processes.
What industries benefit from IoT data collection and data analytics
IoT is a relevantly new technology, and it’s quite early to narrow down its application within specific industries. Yet, there are several industries that are the frontrunners of this new technology. As the IoT implementation goes, the advantages of deploying connected devices can be noticed for the following industries:
Getting access to a brand-new business world!
What is IoT?
IoT, The internet of Things, refers to physical objects collect, delivery and share data based on internet to achieve automatic connection. There is almost no limit on physical things range, it could be something small as particulates or something giant as spacecraft. Meanwhile, IoT has deeply penetrated our daily life in various uses such as smart home automation, healthcare, and
automobile field. The products that are familiarly known including Google Home, Amazon Echo Dot, Fitbit, etc. It proves that IoT is a new trend working for both traditional and emerging industries. More organizations are mastering this tool to increase efficiency, understand customers and make lifestyle changes.
The first significant reason is costs and wastes can definitely be reduced by Internet of Things. Big data gathered makes the most efficient and costing solutions for manufacturers and users. As the example, smart home automation, mentioned above, you cannot imagine how much electricity would be saved if the home lights can turn themselves off when you do not need them. It is not just for you; it would be a huge step for environmental resources as well. Furthermore, IoT provides you choices to own better life quality. To illustrate it, the vehicle tells which route can be altered for congestion avoidance, the smart watch lists the most suitable sports based on body situation, the home pod plays soft music when having difficulty in falling asleep. Making decisions is not hard anymore because help is always there when you need it. In addition, information flow lightens the workloads. The heavy tasks of human labour such as data monitoring can be replaced by a set system. It helps people who are stuck in repetitive work and creates a smarter way.
How does IoT work?
The core components of an IoT system are network-enabled devices, embedded systems which refer to sensors, processors, and hardware. These elements work together to collect, exchange, delivery and analyze the data thorough the whole internet. The sensor data that smart devices collect is shared by building connection to IoT gateways or any other edge devices, and it channels outs to Cloud or local storage then. This means the devices are not just used for transmitting data information, some of them is required to operate basic processing and storage capabilities as well. Once the system is fully set, these devices can do the most jobs without any manual operation. Only a few things that require human intervention is modifying instructions, setting new processes, and terminating the program etc.
What benefits can IoT bring to your business?
- It Skyrockets Your Management Efficiency A significant advantage provided by IoT to business is the automatic control of multiple operating areas especially when your business grows bigger and stronger. The information from IoT platform would give the most straightforward feedback for all the departments to see what has been and what would be. RFID can be a typical example, everything about the goods being labeled is easy to track and keep control of them.
- Know Your Customers Better
There is no doubt that smart devices know customer’s preference better than anyone in the world as it is based on the user-specific data. It is even possible to forecast what they may like and tell you to offer it before they are aware then.
- Integrate and Adapt Your Business Models
Since IoT can be involved in any industry and business, it would be flexible to modify or change current business models. The company that uses IoT solutions are able to offer a wider range of services or products to stand out in the market. No matter your business is applying for B2B or B2C now, a little investment on IoT would be your panacea to solve the most challenging tasks in terms of production difficulty, time, or quantity. To sum up, smart solutions could give an enterprise more far more competitiveness as a business player.
How to collect, process and analyze IoT data.
Over the past few years, the Internet of Things (IoT) has become a trendy topic for both consumers and businesses. People are keen to follow the latest developments in the area of connected devices. As of today, we have been surrounded by devices that can detect and measure data in real time, which the data can help save time, energy, and money.
For many businesses, the IoT is gradually becoming a significant part of their data-driven strategies. The companies have benefited from IoT for things like improved operational performances or enhanced equipment maintenance. Yet, the value of IoT goes far beyond simple device connection. In order to gain true business insights and competitive advantage, companies should have the ability to collect, process and analyze their IoT data.
The data process contains three stages. First, a device creates data and sends it to the internet; secondly, the central system receives and organises the data; finally, what the data will be used for.
How are the IoT data collected
IoT data collected by connected devices, such as smart appliances, health wearables can be transmitted, saved, and retrieved at any time.
Depending on the complexity of the sensors, there are different types of data:
● Status data: This is the most basic and prevalent IoT data, which most of the IoT devices can generate. It tells the status of the device, for example, whether an appliance is on or off, whether there are available spaces in a parking lot, etc. This type of data is great for planning or maintenance.
● Location data: The location data offer similar functionality like the GPS trackers but better. The IoT provides high data processing speed and precision compared to GPS. Instead of a simple destination, location data allows you to track your item in real time. Common applications of location data are the motion sensors used for fleet
management, asset tracking, etc.
● Automation data: Compared the two types of data above, this type of data is a much higher level data in terms of processing. The automation data helps IoT systems control devices. Whether the connected devices are inside or outside, still or moving. This level of automation therefore requires complex processing capability and minimum room for errors.
● Actionable data: As an extension of status data, the actionable data not only capture bare insight, it enables the system to process and transform the information into easy-to- follow instructions. This type of data is normally used in forecasting, energy consumption optimisation, and workplace efficiency enhancement.
How is IoT data being processed?
Once the connected devices collects the data, the next step is to process them before they can be put into use. With the massive amount of data that comes from a great variety of IoT sensors in different
formats, it is essential to do four things before processing:
1. Standardize or transform the data into a single format that is compatible with the application.
2. Store or create a backup of the newly created format.
3. Remove any outdated or repetitive data for accuracy.
4. Combine additional data from other applications or sources to enrich the current database.
If you use a white label IoT company like myma.io that offers a fully customised solution, then compatibility would not be a problem in this case. You can rely on the IoT service company to take care of all your data collection and processing needs and be sure to check they are GDPR compliant.
How to analyze the IoT data?
This is the most valuable part of IoT data collection as it brings endless possibilities and opportunities for businesses. With well-designed data analysis tools, this valuable information can be extracted from massive data collections and be used to improve business processes, applications, procedures, and production. The common data analytics used are:
● Prescriptive analytics: Often described as a combination of descriptive and predictive analytics, prescriptive analytics is used to analyze which step to take under a specific situation. It functions as a tool to shortlist or scale down information and obtain precise conclusions.
● Spatial analytics: This is an ideal method used to analyze location-based IoT data and devices. Spatial analytics can decipher numerous geographical patterns and determine the spatial relationships between different physical objects. The types of IoT data that benefit from spatial analytics include parking applications, crop planning, and smart vehicles.
● Streaming analytics: With the ability to facilitate massive “in-motion” data, streaming analytics can detect emergency or urgent situations, and also give an immediate response. Traffic analysis and financial transactions tracking are great examples of streaming analytics applications.
● Time series analytics: As the name suggests, the time series analytics is used to analyze time-based data. It’s often used to reveal patterns, trends, and anomalies. The health-monitoring and weather-monitoring systems are two great examples that benefit from time series analytics.
By collecting, processing, and analyzing IoT data, businesses can gain valuable insights to make informed decisions. To learn more on how IoT data can benefit your business, click here or visit myma.io for more information.