Some of the world's top companies are using IoT data to refine even the most efficient processes, from manufacturing lines to smart offices. Learn how to unlock the power of IoT, capture data for new products, and generate revenue for your enterprise.
IoT data is an intangible asset required for the creation of new products and critical to customer loyalty.
McKinsey predicted that there could be as much as $750 billion of value in vehicle data by 2030. IoT data from cars can provide information for autonomous vehicles, insurance companies, future products, maintenance services, and more.
Agriculture is one of the fastest-growing markets for IoT and projected to reach $48.71 billion by 2025 according to Allied Research. John Deere leads in IoT for agriculture innovation and has outfitted many of its machines with connected sensors.
When it comes to implementing IoT, many enterprises explore the “buy vs. build” debate. Without careful analysis, it may seem that building in-house is more affordable, but according to the analysts at MachNation, using an IoT application enablement platform (AEP) is 40 percent less expensive than building and maintaining an in-house solution. Some organizations may prefer an in-house development team to build and maintain a custom IoT platform, but there are a number of factors to consider:
The construction of an IoT platform requires a team with expertise in a variety of software, hardware, infrastructure, and embedded systems skills.
An IoT platform will require updates in line with ever-changing business needs.
The architecture will likely need to be cloud-based, portable, and scalable to work for more than one solution.
There are a number of opportunities to monetize IoT data through cost savings or revenue generation. Enterprises have already found success with the following industrial IoT (IIoT) and smart environment projects:
