As many as 50 billion devices, ranging from smartphones and TVs to cars and streetlights, will be connected by 2020, predicts Software.org. In its report, Sensor Sensibility: Getting the Most From the Internet of Things, the research organization says that as all sectors of the economy start to incorporate connected devices, the opportunities for cost savings and change are impressive.
According to the report, IoT has the potential to drive huge economic gains, generating up to $11.1 trillion a year by 2025 in global economic impact. Fifty-eight percent (58%) of decision makers surveyed for the report now see IoT as strategic to their businesses, while 24% see it as transformational.
In 8 Enterprise Analytics Trends to Watch in 2018, IoT, big data and analytics Influencer Ronald van Loon says edge analytics is a related trend all enterprise organizations must have their eye on, as many connected devices are generating vast amounts of data that cannot be centrally analyzed.
“Edge analytics provides the solution. Its applications will continue to increase in the coming years,” says van Loon, “corresponding to the increase in IoT-enabled sensors that give organizations the ability to perform real-time analyses at any point where data is generated, whether it’s a network switch, sensor, or connected device.
“Edge analytics will help companies address challenges related to centrally analyzed data generated from so many connected devices,” notes van Loon.
Another trend the top influencer advises enterprise organizations should watch is video analytics. “As video camera use continues to increase from connected devices like smartphones, tablets, and security cameras, video is becoming another source of valuable data generation for businesses. Accordingly, video analytics is becoming a rising trend fueled by digital capabilities like AI and IoT,” says van Loon.
“Videos are now another medium for obtaining information, and companies are utilizing video analytics in retail, law enforcement, and city surveillance. Powered by AI, video analytics can quickly analyze enormous volumes of streaming data contained within video to identify objects like people, cars, trucks, traffic, and license plates in real time.
“Video analytics also facilitates faster communication across systems, enabling organizations to make swift decisions, predictions, and be proactive in developing intelligent solutions. As cities increase their development of smart cities, smart transportation, and smart buildings, video analytics is becoming an increasingly viable and valuable solution.”
Read more from Ronald van Loon on AI and machine learning, plus get insight on the latest trends from Forrester Research VP Boris Evelson, Constellation Research Founder Wang, Ventana Research SVP David Menninger, and Impact Analytix Founder Jen Underwood. Download the eBook: 8 Enterprise Analytics Trends to Watch in 2018.