The Next Big Thing in Data Management: IoT
The Internet of Things is referred as the next big thing in the technology world. Devices of all kind connecting to the internet and tell their data story. In my opinion this is absolutely amazing and I love most of the aspects of it. Of course I have the GDPR in mind considering the protection part but for daily use and an optimized lifestyle I am in! IoT is also considered “small data” in a Big Data world.
Explaining Internet of Things (IoT)
IoT is the concept of basically connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from cellphones, coffee makers, washing machines, headphones, lamps, wearable devices and anything else you can think of.
This also applies to components of machines, for example a jet engine or the drill of an oil rig. As I mentioned, if it has an on and off switch then chances are it can be a part of the IoT. by Jacob Morgan in the Article: A Simple Explanation of the Internet of Things on Forbes
Analyst review on IoT
- Bain predicts that by 2020 annual revenues could exceed $470 Billion. This includes the IoT vendors selling the hardware, software and comprehensive solutions.
- McKinsey estimates the total Internet of Things market size in 2015 was up to $900 million, growing to $3.7 Billion in 2020. The potential economic impact is estimated on $2.7 Billion to $6.2 Billion until 2025.
As we all know the world data is connected. All the different factors work together to get an optimal result and drive business success in different ways. The older world about data management in many corporate environments has to be optimized and become ready as soon as possible to use the flow of data generated by IoT. However IoT means nothing without the trusted foundation of for example master data. The combination of both gives us great insight in use of devices and possible future purchases of other articles. In the right hands and with the right regulations this has to be a fantastic future!