IoT platforms are creating advanced data pipes between connected assets and the data center or cloud
Today, IoT solutions and platforms that are enabling users to derive more value from connected devices have become more popular.
Primarily, the IoT stack is going beyond merely ingesting data to data analytics and management, with a focus on real-time analysis and autonomous AI capacities. Enterprises are finding more advanced ways to apply IoT for better and more profitable outcomes. IoT platforms have evolved to use standard open-source protocols and components. Now enterprises are primarily focusing on resolving business problems such as predictive maintenance or usage of smart devices to streamline business operations.
Platforms focus on similar things, but early attempts at the creation of highly discrete solutions around specific use cases in place of broad platforms, have been successful. That means more vendors offer more choices for customers, to broaden the chances for success. Clearly, IoT platforms actually sit at the heart of value creation in the IoT.
The new IoT deployments drive the market growth along with the scaling up of existing implementations. The platform concept is definitely more inclusive, and precise use cases and patterns mean apps are being built to simplify processes. With thousands of vendors in the mix, firms can’t be going after all individual pieces of the stack. They need to compare and differentiate to grow in this competitive market environment.
Whatever vendor path customers take, data analytics should be the driving force behind all the new IoT projects. Analytics will remain one of the most crucial components of any valuable IoT use case. The main point of gathering the data is to make valuable interpretation and sense out of the data.
The new analytics applications are focused on real-time analytics and data collection that can be utilized to train predictive algorithms. Data interpretation to identify and pick out patterns is vital to ensure business success. A lot of valuable IoT use cases are derived from IoT data, decoding it, and using machine learning and AI to go ahead.
IoT platforms are capable of making autonomous decisions, supporting unique use cases within IoT. The market has enough data available to build good machine learning models, IoT being such a vast sensing and reactionary system. Another crucial aspect of IoT success is the ability to manage devices in a scalable manner and deploy services and apps accordingly. The lines of businesses within organizations are pushing hard on rapidly using services and extracting value from the collected data. The pace is accelerating.
While there is progress in defining use cases, the choices for enterprises are getting more complicated. A clear plan is a must for future-proofing an IoT project — and how much if any of the builds should be handled in-house — prior to vendor selection.
As for scalability, IDC confirmed that there would be about 41.6 billion connected IoT devices by 2025. IoT is everything that’s beyond a PC or mobile device. There are a lot of possibilities that can be overwhelming. But, it can be hard for firms to know where to start as they need to invest in digitization to unlock the advantage of IoT.