The Internet of Things universe is churning out an overwhelming amount of data — so much information that companies cannot keep up with the deluge. A recent study from Oxford Economics reported that only 8% of businesses are actually using more than 25% of their IoT data. The number of IoT connections is growing wildly, but if analytics technology doesn't pick up the pace, companies will be investing in a technology they cannot reap the benefits of. And that means investment in the IoT will slow.
The costs for IoT related equipment, including sensors, software and cloud computing is decreasing, while the need for technology that measures sensor output, edge processing, analytics and data management is increasing. It is critical for solution provider customers to provide their customers with timely, specific data rather than loads of unfiltered information.
To that end, National Instruments this week announced an enhanced version of its InsightCM Enterprise software, aimed at addressing big data challenges associated with IoT solutions, in addition to reducing maintenance costs, improving machine performance and maximizing uptime. Providers of monitoring systems can take advantage of customization features and use of standard data files. The monitoring solution is appropriate for a number of industries, according to NI, including oil and gas, power generation, mining, rail and industrial manufacturing.
During the next year and half, the Oxford study indicates that IoT adoption will grow significantly, spurred on by falling costs, the confluence of data and services and the continuing simplification of IoT technologies. And that means increased customer potential for providers offering connected solutions.