The Internet of Things is predicted to deliver $6.2 trillion dollars in revenue by 2025. It will affect many aspects of all our lives and create an explosion of data, which many think will cause a number of companies to fall by the wayside.
By 2020, Gartner predict that everybody will own on average 3.3 devices. The benefits however do not only lie at the feet of consumers, the IoT is a real opportunity for companies to increase revenues and efficiency.
The IoT will place further emphasis on a company's ability to keep its customers information private, as new ways will be uncovered by hackers to breakthrough a company's barriers. Its emergence also demands that senior management begin asking questions now about how their company's business processes are going to be affected by the IoT over the coming decades in terms of sensor technologies and real-time capabilities.
Organisations that are serious about managing their data efficiently will have to forget about warehousing their data in their own centres. The Internet of Things makes the cloud an essential component due to its ability to provide additional bandwidth, disk storage and computer power.
To add to this, the IoT will further promote the use of technologies such as Hadoop to aid the data ingestion phase. Hadoop skills remain at a minimum, but a do-it-yourself approach won't be enough to leverage the influx in data which the IoT will bring.
The vast amount of data that the IoT brings will mean that both Big Data and Analytics strategies have to change. Data storage systems should be central to a company's data strategy as that is where vital information often seeps through the gaps. Organisations will also need to put more emphasis on recruiting people ready and able to use Hadoop.
Above all, the IoT will drastically change the way businesses utilise data. Those that get it right however will find that their efforts now will be substantial dividends in the future.