Today, data is constantly flowing in and out of organizations from electrical and mechanical sensors, RFID tags, smart meters, scanners, mobile devices, vehicles, live social media, machines and other objects. Did you know that a modern plane with more than 10,000 sensors just in the wings is expected to generate more than 7 terabytes a day? And Bain predicts that by 2020 annual revenues could exceed $470 billion for the internet of things (IoT) vendors selling hardware, software and comprehensive solutions.
Analysts believe that all of this data will drive a new type of industrial revolution – one that’s driven by highly accurate, real-time analysis, alerts and actions. Increasingly, machines will automate decisions and simply notify humans with instructions. Consider the promise of the IoT, where any object can be connected to the internet and continuously send and receive data. Gartner says that by 2020, 21 billion IoT devices will be in use worldwide.