MOUNTAIN VIEW, Calif., Aug. 1, 2016 /PRNewswire/ -- Internet of Things (IoT) is the biggest buzzword in the industry. Everyone is talking about connected devices and creating a whole ecosystem around them. The reality is that there are close to 5 billion devices connected to different networks today. In the next 5 years, the number of connected devices will spike to about 23 billion, a net increase of 18 billion devices.
Frost & Sullivan's latest article, Tapping the Value of our Interconnected World, focuses on the Internet of Things (IoT) phenomena and how organizations can properly implement IoT to save money generate revenues, as well as increase workforce productivity and efficiency.
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The Internet of Things is driving new dynamics where new business models are being created for traditional industries that have been slow to change. Data from IoT sensors and data analysis capabilities work hand-in-hand to deliver the promise of making incompetent machines smarter.
"The real value in IoT is not from connecting devices, but from data collection and data analysis," states Frost & Sullivan Internet of Things Industry Principal Dilip Sarangan. "From a customer standpoint, connecting billions of sensors and devices has unlimited potential."
In a recent Frost & Sullivan thought leadership forum, which included the participation of select companies such as Teradata, the big data analytics company, participants spoke in detail about different internal deployments in their organizations. The most important point about deploying sensors is their integration with analytics capabilities to make sense of opportunities to monetize that sensor data. Today, most sensors are being used to increase uptime, decrease downtime, predict failures, reduce maintenance times and even enhance physical safety with smart, connected physical systems.
"Organizations must realize a few things before they plan their IoT deployments – whether in an industrial, city or commercial deployment," notes Sarangan. "Sensors, big data analytics and data security are not mutually exclusive solutions. If an IoT deployment does not account for each of these elements, the likelihood of success is minimal and the investment might not generate much of a return on investment (ROI)."
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SOURCE Frost & Sullivan