Jul
20

The Convergence of IoT and Big Data

The Convergence of IoT and Big Data

July 20
By

It’s safe to say if you work in the IT world, you have probably heard about both the Internet of Things and Big Data. In a lot of ways, the two terms refer to completely different concepts. The IoT encompasses all things connected — like a smart home to a connected car. Big data refers to large sets of data that can be analyzed and leveraged to capture patterns, trends and associations.

Though they differ, the two intertwine in a few key ways.

Their Growth

The surge in big data and the IoT over the past few years has been staggering. In 2014, EMC2 predicted that big data would double in size every two years to reach 40 zettabytes by 2020. However, this estimation has now increased due to a recent spike in the IoT development.

According to Statista, the amount consumers are spending on IoT is rapidly increasing — growing from $257 billion USD in 2014 to a predicted $1.4 trillion USD in 2020. As these connected things become more and more popular, their use will prompt further accumulation of data, demonstrating the convergence of the IoT and Big Data.

Innovation and Real-Time Action

graphic representing the cloud and all big data associated with it

In order for companies to move forward, they must start leveraging the big data they’ve accumulated since day one. This means employing proper organizational and analytical technologies to sift through the mass of data compiled. Once big data is sorted and analyzed, businesses are able to use the new patterns they’ve discovered to increase revenues and productivity while decreasing necessary spending.

Think of your home life as a business. Once you’ve begun to harness the powers of something like a smart home, your day-to-day will become more efficient. With the time and money you’ve saved, you can spend more of them on the activities you love doing. For example, let’s say your house can shut off lights automatically to save power and track your hydro usage for you. You’ll benefit by having to spend less on your electrical bill month-to-month. Plus, all your IoT devices will begin storing data when you use them. Experts can in turn sort through this data to create more innovative methods of making everyday life more efficient and enjoyable.

Similar Issues to Resolve and Problems to Solve

Privacy is one of the main concerns in the discussion of Big Data and the IoT. What data is okay to collect and store? Which customer data is too private for companies to keep on file? Will IoT users be comfortable with outsiders analyzing the big data stored in their personal devices? All these questions are ones currently under debate by IT experts and governments around the world – see our blog post on the new GDPR guidelines as an example. And though they can’t all be answered just yet, it’s definitely an exciting time to be a part of the IT world.

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