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: