The Internet of Things is revolutionizing industries by connecting physical objects and generating vast amounts of data. As IoT adoption increases, data analytics helps businesses make data-driven decisions.
In this blog, we’ll explore the role of IoT in data analytics. Highlighting its key use cases, benefits, and challenges.
The IoT is a network of devices, platforms, and sensors that allows them to connect and exchange data through the Internet. Data is interconnected with IoT which is impacting sectors like supply chain, healthcare, agriculture, and more. According to Statista, the number of connected devices is estimated to reach 30.9 billion in 2025. Modern data analytics analyzes the data produced by IoT devices. By examining this data, companies can uncover valuable information that improves customer satisfaction, operational efficiency, and expenses.
The market value of IoT Analytics is projected at $38.16 billion by 2024. They anticipate growth of up to $115.15 billion by 2029, an annualized compound growth rate of 24.72%.
The IoT analysis market is booming. It is growing because of the large number of connected devices and IoT data. Also, companies require automatic analytics to stay ahead of the market.
This section concentrates on the most important IoT Analytics Market trends. By our research specialists:
Healthcare is Expected to Witness Significant Growth
The rise of devices worn by the wearer that allow wearers to monitor blood pressure, heart rate, and other vital signs, in addition to their increased use, has resulted in the generation of enormous volumes of data that have to be analyzed and organized and will drive the need for IoT analytics in the coming period. Cisco Systems estimates that wearable devices connected to the Internet could be 1105 million by year’s end.
The Internet of Things is a technology where devices are connected, and information from these devices is gathered for a specific purpose. What is the best method to use the information gathered, and what is its purpose? It’s important to study the data to gain understanding, isn’t it? Data can help businesses make critical decisions about their business.
If IoT is the mainstay of IT infrastructure, IoT in data analytics can be the most important element in providing the user with valuable information from the awe-inspiring quantity of data generated daily. IoT and Analytics are the most talked-about terms within IT.
IoT systems require analysis to ensure that they function correctly. Based on this data, the company makes the most critical business decisions.
With this in mind, we’ll review some uses of IoT Analytics.
Maintaining equipment is crucial for infrastructure efficiency. Pre-defined operating procedures aid in the creation of models that can predict maintenance through IoT-enabled analytics. For instance, an IoT analytics platform lets fleet managers know when to replace vehicles and prevent damage to cargo by observing trucks with heating and cooling systems.
Smart grids rely on IoT systems to ensure that generators, users’ devices, and other equipment remain on the same network. This connection lets energy companies gather immediate IoT data analytics on energy demand and consumption, allowing them to efficiently disperse electricity at a reasonable cost.
IoT sensors track the position and movement of assets like vehicles and equipment. It therefore enables real-time monitoring that helps companies optimize asset utilization and reduce the risk of theft.
The data transfer process is the same. The data is then moved to a data lake, where it is cleaned, processed, and transformed using methods to improve data engineering. Then, it is transferred to a data warehouse, which acts as a hub connected to all smart applications, including predictive analytics, which extract information to construct algorithmic machine learning algorithms.
Smart cities are full of IoT applications in data analytics, and other applications have yet to be found. The biggest and most liveable cities have embraced IoT analyses and data sciences to improve living conditions.
Telematics and big data can guide you and help you navigate the complex world management of your company’s fleet. This makes tasks previously impossible to accomplish. Through IoT technology, cars are now information sources, and your roads become information highways. Furthermore, IoT in data analytics allows you to make better-informed decisions with greater certainty. IoT will alert you of minor issues before they become major issues, providing insights into performance and analyzing aspects like weather and traffic.
With a variety of IoT devices, medical facilities can share patient data to keep the electronic records of their patients updated, and IoT devices worn by patients allow medical professionals to check patients’ health without needing to visit them in person.
IoT sensors can monitor the movement of products across every step of the supply chain in real time, allowing businesses to improve logistics and cut costs. In particular, information obtained from sensors mounted on delivery vehicles can identify their vehicle’s exact location, speed, and temperature. The delivery routes can then be optimized to decrease the expense of transport.
A highly profitable method of utilizing IoT technology and real property analytics is to observe the most critical building equipment and assets to identify issues such as problems with elevators, heating or ventilation systems, and cooling (HVAC) systems.
With preventative maintenance plans built on predictive analytics, commercial property professionals will be informed immediately when equipment is at risk of failure. Some tasks that were previously done manually can be automated. This will guarantee the continual operation of equipment and may help cut down the cost of repairs.
Field equipment connected to the internet functions according to the data produced through IoT analytics. Sensors within the environment detect time, location, and weather changes and monitor rainfall and sunlight in real-time to determine the number of nutrients and moisture in the soil. The information collected could be utilized to calculate crops’ yield and health requirements to ensure that soil is provided with the right amount of nutrients and water.
Smart grids give you the complete picture of consumption patterns, ensuring the best distribution and utilization of energy infrastructures at the most efficient spots. IoT sensors can also track temperatures and air quality to ensure that businesses optimize their energy use and enhance sustainability. In addition, IoT devices can monitor energy use and reduce consumption, leading to reduced costs and less environmental impact.
Another possibility for IoT to analyze real estate data could be to help improve the day-to-day activities of a building, such as management and maintenance of the building, cleaning, repairs, and security. Utilizing suitable sensors, alarm systems, and data collection can increase the efficiency of a building’s operations. Some of the intriguing examples are:
In production, allowing building management to receive the Internet of Things (IIoT) is an analyzed extension of automation and connectivity, which is the biggest part of global IoT investment; for businesses that do optimization and transportation of physical goods, IIoT provides higher operational efficiency and also new business models. It is a natural extension of automation and connectivity.
Industrial IoT presents many possibilities for automation optimization and asset performance management. It also offers new ways of helping customers and creating new revenue models. To remain relevant in a highly competitive business marketplace and with technological advancements that disrupt the market, businesses invest a lot in IIoT to increase productivity and boost growth. IIoT could boost productivity while reducing the cost of operations in many industries like mining, manufacturing energy, and oil.
IoT ecosystems collect information about how customers interact with digital products, and big data tools aid companies in analyzing this data so that their offerings more precisely meet customers’ needs.
Big data and IoT allow logistics companies to determine the most efficient way to move inventory around and assess the effect of environmental factors such as transportation and weather. They additionally gather IoT sensor data connected to the cargo they intend to track.
Monitoring energy consumption is easy to control using the appropriate sensors. The first thing to consider is using real estate analysis to examine the energy consumption of structures. This method identifies appliances that consume energy and compares them to a peer group to determine whether the building can be more energy efficient. It is the first stage in attempting to reduce the amount of energy consumed.
The ability to anticipate energy consumption using data analysis and science is essential when negotiating the terms of a contract with an energy company. Other areas that need energy include HVAC systems, which control your home’s temperature and consume a substantial portion of energy.
Factory environments utilize IoT information in myriad ways to boost security systems and protect assets and assets in general, with IoT particularly beneficial when used in this manner. The most important applications of IoT in data analytics are:
These examples demonstrate that IoT data can be used to develop safe systems built upon factory data, reduce the risk of accidents, and improve overall safety at work. Through the analysis and implementation of IoT data, IoT businesses can create an environment that is safer and more productive for their workers.
Water management and consumption is a constant battle for farmers. They need to keep fields well-hydrated and overspend on water in short supply.
IoT analytics can lead to data-driven measures that help save hundreds of tonnes of water by enhancing irrigation efficiency. Solutions that track soil moisture automatically adjust the conditions for the crops. This can help us boost the growth of our crops while reducing the costs of irrigation and consumption.
To navigate traffic during traffic jams during rush hour? With its density of 8000 people per mile, Singapore helps enhance the time management of its citizens. Singapore collects information on traffic operations to cut back on the length of time spent in traffic delays.
Another example is that Amsterdam will launch driverless taxis and buses. The information created by the vehicles is captured through an IoT device and later transmitted directly to the Data Lake for further analysis to identify possible improvements to their function.
The wide array of IoT devices offers unprecedented connection, efficiency, and intelligence levels. The huge amount of data generated in real-time transforms many industries, leading to significant improvements in services and the customer experience. When combined with data processing, IoT data analytics can offer a variety of advantages.
Businesses will be able to determine weaknesses and problems that create inefficiencies by analyzing the data coming from the IoT devices. For instance, IoT analytics benefit food and beverage companies. They can know the real-time temperature of the fridges and prevent food spoilage because of power issues or malfunctioning equipment.
Certainly, one of the biggest advantages of IoT data analysis is its ability to analyze real-time data points. It is an ability that is achievable by the use of streaming analytics aspect of analytics dealing with the processing of data as it is created.
IoT data analysis could be used in the collection and analysis of information for the customers to understand their preferences and needs. This will help businesses develop superior products and services to satisfy customers’ needs. For instance, a retailer might make use of IoT information analyses to track the activities of customers going into its stores and thus give customers some recommendations related to their needs.
IoT Data analytics could aid companies in saving money in various ways. These include reducing energy use while decreasing downtime and improving the productivity of machines. Manufacturing companies, for instance, could utilize IoT data analytics to monitor the effectiveness of their production lines. This will enable them to make adjustments to avoid the waste of material.
In the current business world, data-driven companies of all sizes recognize the tremendous benefits of managing their assets. However, traditional methods often rely on manual processes. They do not provide real-time information, which can hamper efficient asset utilization and create potential problems.
The emergence of the Internet of Things alters asset management. It is an efficient solution for businesses looking to improve efficiency, cost savings, and decision-making.
With both stakeholders and consumers searching for environmentally friendly practices, businesses are increasingly under pressure to incorporate sustainable methods of operation. Sustainability isn’t going to disappear, but it’s an important shift in the world of business, where sustainability integration isn’t just a matter of choice but necessary for sustainable business.
The numerous benefits that come with IoT analytics are apparent. However, a few things could be improved when implementing them. IoT analytics face several vital issues, such as:
Since various connected devices work together and share information in real-time, any security problem within one device can be transmitted across other systems on an internet-connected network. IoT projects need to install secure configurations to protect devices and data from hacking. In addition, the initial implementation price can be pretty high.
The increasing number of connected devices will make managing non-structured data based on volume, velocity, speed, and other parameters more difficult. The real issue for businesses is deciding what data is important since only high-quality data can be utilized.
The majority of data in the present is not structured, which means it is not possible to store it in SQL format. Unstructured data can be stored using NoSQL format, but retrieval is difficult.
Since the introduction of frameworks for big data like Hadoop and Cassandra, the issue and difficulty of dealing with unstructured data have been reduced. However, today’s data volumes are massive, and the combination of them with IoT is a huge issue. In addition, there aren’t any standards for the storage and use of data and metadata.
Updating firmware or software for IoT devices is an uphill task. It’s even more challenging to ensure that the millions, if not thousands, of IoT devices are updated reliably.
Although an IoT platform makes it easier to deploy software or firmware on devices to repair security weaknesses and update software, many platforms leave customers not confident that these critical updates—which are designed to lower the risk of cyberattacks and increase reliability—were delivered to devices.
The Internet of Things deployment and the data infrastructure present significant challenges for companies, especially regarding costs. According to different sources, the minimum-viable variant with an IoT solution will be as low as $50,000, including software and hardware components.
The growing use of Internet of Things technology has resulted in a massive demand for skilled specialists who can analyze and interpret the enormous amount of data generated through IoT devices. However, the absence of qualified professionals with experience in IoT analysis is preventing businesses from fully reaping the advantages of IoT implementation.
Ultimately, IoT data analytics has become vital for companies to gain valuable insights and information from the apex of data produced through connected devices. It has seen rapid growth across all business sectors. Apart from providing economical storage operations, computation, and other capabilities, it combines data and speeds up sharing and decision-making.
IoT data analytics can give valuable insights that can help businesses make well-informed decisions based on data and optimize operations. This is done by using advanced data analysis techniques along with machine learning techniques.
This blog has examined the use cases of IoT in data analysis, its benefits, and the obstacles organizations may encounter in gaining benefits from IoT data. This would make companies more responsive and flexible to the needs of their customers and partners. In general, the IoT analytical data advantages are immense-from improved efficiency and productivity through better customer experience to new streams for revenue.
Still, these benefits do not come easily-they require careful planning, proper investment in the right tools and technologies, and a good understanding of the needs and resources of the business. So if you’re thinking of entering into IoT analytics, the best time for you to do this is now. We can help you get much of this done!
Every industry constantly changes, so analytics plays a significant part in this shift. Our goal is to be your preferred IoT development company. We leverage our IoT application and data analysis experience to provide clients with all-inclusive implementation support. From need analysis through the creation of the infrastructure, all the way to support following launch and optimization of solutions to ensure your business gets the best benefit from the investment. Take a look at the details of our IoT Consulting Services and solutions to discover the ways we collaborate with businesses ranging from small start-ups to large and mid-sized corporations to help their decision-making process speed up by utilizing analysis, exploration of data, analysis, and visualization.
IoT devices generate vast amounts of data, which, when analyzed, can provide essential data to businesses. Below are some of the most important ways IoT can help improve data analytics.
Yes, Data analytics based on IoT can dramatically increase the precision of predictive maintenance.
Integrating IoT sensors and data analytics allows maintenance predictive to change from reactive to proactive. IoT sensors collect vast amounts of data from equipment and machines in real time and provide insight into their operating conditions, performance, and possible problems. The most sophisticated methods of data analysis, such as machine learning and artificial intelligence, are then applied to the data to:
The integration of IoT along with data analytics has been proven to bring significant benefits, for example:
IoT is a key element in the field of intelligent analysis data. This allows the collection and integration of massive amounts of data gathered from a variety of sources, including:
IoT data is analyzed by using advanced analytics techniques that include:
Data analytics can help improve supply chain planning and forecasting by providing those making decisions with insight gained through the analysis of large databases. This information gained from data analytics allows for better decisions, which could improve the supply chains.
Furthermore, predictive analytics enable the making of choices based on data-based forecasts. Data analytics can enhance the forecasting of demand for supply chain planning through sophisticated methods that consider many factors.
One approach to looking at IoT analytics issues is considering an IoT deployment. Consider the following scenario. A vast industrial food storage distribution and warehouse utilizes connected equipment that regulates the temperature of specific areas, for instance, an area used for refrigeration of things that require constant cooling but not freezing, as well as the freezer space for things that require continuous freezing.
