According to a recent survey, it has been estimated that around 56% of organizations are either already using Internet of Things (IoT) to collect internal or external data, or they plan to start using it within a year.
Big data and the Internet of Things (IoT) are two quickly growing technological forces that often work in collaboration to collect data.
Internet of Things is appropriately termed as the next Industrial Revolution. Businesses are increasingly adopting IoT solutions because it offers lower operating costs, better reach and enhanced productivity.
Big Data on the other hand is becoming popular among large enterprises as it is proving useful in analyzing business related patterns and trends. Both sound equally important. And they are!
Both these technological forces work simultaneously to collect business data. In its prime, big data analysis burned a hole in the company’s resources. With Big Data’s worldwide universality, it is predicted that the cost of doing big data analytics will go down in 2017, thus making is feasible for SMEs and large enterprises to collect marketplace data more efficiently.
Tech Pro conducted a research in Jan 2016 to analyze the dependency of companies on IoT based on several parameters like,
- IoT collection of marketplace data
- IoT collection of operations data
- IoT budgets and number of staff employees
- Security of Data collected
- Benefits and drawback of IoT data collection
Question: Did your company undergo Big Data implementation?
Yes – 29%
No – 61%
Analysis: The data collected was analyzed on two basis:
- Company size: This survey revealed one major factor. Company size matters! (Size always matters!) It was seen larger organizations were more likely to have implemented Big Data analytics than SMEs. Statistically, companies with 1000+ employees implemented Big Data nearly 1.5 times more often than ones having a lesser number of employees. Whereas, only 20% of the SMEs have Big Data in place.
- Region: Company’s location matters! The Asia-Pacific region respondents of the survey topped the list of Big Data implementers, being 19% more than Europe, which occupied the second place. Central/ South America hardly answered a ‘Yes’.
Question: Did your company undergo IoT implementation for collecting marketplace or operations data?
Yes – 21%
No – 44%
Maybe, in future – 35%
Analysis: The data collected was analyzed according to company size
Company Size: A mere 25% of survey respondents, having 1000+ employees, indicated having a planned IoT system in place. With organizations having employee strength of 250-999, 50-249, and less than 50, the IoT installations were 11%, 11%, and 17% respectively. This demonstrates that IoT has more of a footprint in the smaller companies than big data.
Similar to BIG Data implementations, larger organizations were more likely to install an IoT system than the SME’s.
Thus, if you are planning to integrate Big Data or IoT in your company’s analytics cell, success is not far!