Why Companies Struggle With IoT Data

By Dennis McCafferty  |  Posted 03-12-2015 Email

With the Internet of things poised to grow into a nearly $9 billion market by 2020, organizations are only beginning to tap into its potential. And, like any relatively new technology, they're running into obstacles in attempting to translate tech investment into business-benefiting results. For starters, a great deal of companies struggle to collect and analyze IoT project data in a timely and effective manner, according to a recent survey from ParStream. The report, titled "Internet of Things (IoT) Meets Big Data and Analytics," reveals that the majority of survey participants believe IoT project data is too difficult to capture. A notable share said there's too much of it to deal with, while others admit that they analyze it too slowly to do anything meaningful with it. Once these hurdles are overcome, however, the potential for IoT is seemingly limitless. "When any device has the potential to be connected, the possibility for impact is immense," according to the report. "Opportunities to deliver business value range from truly innovative devices that create completely new markets and business models, to the more mundane but high-value solutions that deliver cost and efficiency benefits by simplifying existing processes." More than 200 organizational tech and business stakeholders with responsibility over IoT projects took part in the research.

Dennis McCafferty is a freelance writer for Baseline Magazine.


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