The Internet of Things, Data and Analytics
The Internet of Things is estimated to have a value of between $1.9 trillion to $19trillion by 2020, depending on who you listen to, with Gartner sitting at the more modest end of the scale.
One of the key factors for this recent adoption of the Internet of Things is the expansion of network infrastructure in mature markets and the reduction to communication costs.
The Hype Cycle
The most recent Hype Cycle by Gartner estimates widespread adoption into the mainstream of the Internet of Things to be in the region of the next 5-10 years. The focus of the Gartner Hype Cycle is to identify emerging technologies and estimate when they may or may not experience rapid adoption into the mainstream.
The purpose of the Hype Cycle is aimed at help organisations determine the most suitable time to invest in a technology or service, based on their business needs and tolerance for risk rather than basing it on the market perception and promotional value.
Data and Analytics
Alongside the Internet of Things, Data Science has been identified as one of the other technologies that has reached the peak of the Hype Cycle and is currently being adopted as a mainstream technology. Analytics has moved up the cycle but is not yet over the peak according to Gartner.
However, these two technologies for the large part sit next to each other as analytics is dependent on data, and data requires interpretation, for the most part through analytics. That said Gartner may have a point in that analytics may not quite at the peak, most likely as businesses are possibly at the tip of understanding exactly how they should interpret this abundance of data in order to add value real to their business decisions.
According to IDC (International Data Corporation) worldwide spending on software, hardware and services in Big Data and Analytics is expected grow to an estimated €125billion in 2015.
“I look at big data and analytics as the killer apps of the cloud, and they are growing at a tremendous rate. Eighty percent of the interesting apps that we are finding on the cloud are about big data analytics. One of the big things in the coming years will be cognitive and machine learning in the cloud and we are going to see a lot more of this next year.” – Frank Gens of IDC (International Data Corporation).
2015 is set to be an exciting year in the next phase of Big Data and Valuable Analytics.