Internet of Things (IoT) & Big Data. Are you ready?
What is the Internet of Things?
The Internet of things (IoT), is defined as a network of physical devices, like home appliances, medical devices, vehicles and other items embedded with electronics, software, and connectivity which enables these things to connect, interact with, collect and exchange data.
Consideration of IoT and Big Data as it relates to our daily interactive world has and will continue to grow in importance and power.
Big Data is a term that is used to define a large volume of both structured and unstructured data. In web technologies, the ability to store large amounts of data is crucial to many of the organizations, but more importantly the ability to understand and read that data and make important business decisions. We have come a long way from the initial website struggles to just store customer records, sales, and product.
Internet of things (IoT), can be as simple as using an app to control smart lights or electronics around the house to more complex applications as medical devices and the storing of important patient results.
Smart devices, app development, can lead to large revenue streams for organizations, however, projecting its potentials is not always that easily achievable. The return on investments have to be carefully evaluated, and sometimes the data is so new, that much of it is predictive rather than factual. The rise in Artificial Technologie help to predict outcomes in the future, but many organizations are in the early stages of this newer technology.
These two, IoT and Big Data, are related in that data is needed for companies the begin to extrapolate and determine the value of any software systems. As technology continues to grow in popularity, the most crucial it is to find solutions to create new innovations and ways to store the data.
In the software development industry, we adapt and change in how we respond to organization needs.
Forbes notated that the global Internet of Things (IoT) market is projected to grow from $2.99T in 2014 to $8.9T in 2020, attaining a 19.92% Compound Annual Growth Rate (CAGR). Industrial manufacturing is predicted to increase from $472B in 2014 to $890B in global IoT spending. Healthcare and life sciences are projected to increase from $520B in 2014 to $1.335T in 2020, attaining a 17% CAGR. Source: Statista, Size of the Internet of Things market worldwide in 2014 and 2020, by industry (in billion U.S. dollars).
Looking ahead in IoT and Big Data, as with the continuing change and advancements in technology, it is important to recognize and adjust to maintain a competitive advantage. Emerging technologies like artificial intelligence, machine learning, Internet of things, and data analytics. We are seeing a shift in importance.
How will the Internet of Things and Big Data impact your organization and how are you going to handle the shift?
Grace has over 15 years of experience digital technologies industry. She has an infinite passion for technology and strategic leadership.