The internet of things (IoT) is not the future—it is today.
We have already seen how the technology of the internet of things has taken over the industries. It has already started shaping the business’s world with evident and instantaneous advantages. Whether it be logistics, transportation or healthcare sector, every industry is seeking the power of Internet-connected sensors and devices to harness their data. Thanks to the machine to machine (M2M) communication and machine learning besides predictive (to forecast the activity based on past and present data) and perspective ( forecasting what will happen, when it will happen along with the understanding why it happens) analytics which made the power of IoT ever accelerating.
From our GPS enabled cell phones, industrial devices to vehicle tracking devices everything is online, generating data. With the increasing number of connected devices and sensors, the data generated by them is also rapidly increasing. The goal is to extract the insight from the piles of data, to make it valuable else way this data is of no use. To get the most out of this we need to use precise location data which is only possible with location intelligence. Since everything happens somewhere, so reinforcing the IoT data with the spatial information leashes the hidden patterns and trends, empowering you more than ever before.
According to IDC, the “IoT market will expand from $780 billion the year (2015) to $1.68 trillion in 2020, growing at a CAGR of 16.9%. Sensors and connectivity account for more than 50% of spending on IoT, followed by IT services at more than 25% and software at 15%.” With the growth of sensors web, analysis of location-based data will be the part of an expanding component of business analytics and location intelligence.
So, is your business IoT ready?