Big data analytics will play a pivotal role in enabling enterprises to gain benefit from the internet of things over the next 12 to 18 months – and in driving IoT revenue – according to a new report from Strategy Analytics.
Andrew Brown, Strategy Analytics executive director, enterprise and IoT research, says IoT provides businesses with real-time access to their assets via intelligent sensors and gateways, but he notes that that only provides value to organisations if they can mine the data for meaningful information to guide their business.
“Analytics applied to the big data derived from these assets will solve real business challenges and will enable corporations to deliver value added services to their customers,” Brown says.
The Who Will Make Money in IoT?report also identifies office security/video surveillance, smart building controls, billable services and financial and healthcare analytics as the top IoT and big data applications.
“These types of IoT applications and services have an immediate and tangible impact on corporations' daily operations and bottom line,” Strategy Analytics notes.
“Applications like office security/video surveillance, smart building controls, billable services and financial and healthcare analytics can hep businesses cut costs by 25% to 35%, depending on individual use cases, and help organisations to derive greater business value from their data assets,” says Laura DiDio, Strategy Analytics director of enterprise research and consulting.
Strategy Analytics says big data analytics will play a pivotal role in enabling organisations to leverage IoT to take real time actions to drive revenue, cut costs and make businesses more competitive over the next 12 to 18 months.
The research company found organisations are embracing IoT to solve practical business issues, with the main drivers being to provide organisations and their customers with value-added services; enable them to sift through the data deluge and make informed, actionable responses to solve real world business issues that help organisations conserve resources, manpower and money, as well as driving new services.
The research also identified that the top IoT and big data applications are office security/video surveillance, smart building controls, billable services and financial and healthcare analytics.
Like IDC, who have just released a report saying IoT deployments are ramping up, Strategy Analytics notes increasing use of IoT, with companies including Microsoft, Google, IBM, Intel, Cisco, SAP, General Electric, AT-T, Verizon and Vodafone among the major IoT vendors.