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Analytics of Things (AoT): Using IoT to Create a High-Definition of the World
Analysts predict that by 2020 there will be 30 billion devices connected to the internet. So many devices will be connected that the synergy of all these devices working and communicating together has been given the name of the “Internet of Things” (IoT). IoT devices will have unique addresses for identification and be able to sense and transmit data as well as receive signals that can control and change their operating parameters.
Alec Gardner, general manager at Teradata, said that “at the moment companies are tapping into IoT to achieve greater reliability, resource efficiency, and cost reduction. The results are small, often benefiting a single person or process. But this will change when visionary organisations start to think more competitively and much bigger. This will lead to a new approach called the Analytics of Things.”
A report by MarketsandMarkets finds that the Analytics of Things market will grow from $4.85 billion in 2016 to $22.65 billion by 2021, an annual growth rate of 31.5 percent.
The types of use cases for the Analytics of Things is shown in the grid below that was included in the Teradata Magazine:
The Analytics of Things is a component of control analytics that includes:
- Acquisition and management of data from devices like sensors
- Models and algorithms that can predict and control things
- Provide intelligent feedback and analytics to devices running at the edge to improve their functioning
Gardner said that “the Analytics of Things takes IoT beyond today’s rudimentary use cases. It starts putting that data to work in ways that can add new revenue streams, creating a high-definition view of the world”
