LONDON--(BUSINESS WIRE)--Increased adoption of the Internet of Things (IoT) has resulted in the generation of large data volumes, essentially making IoT and big data reliant on one another. Analyzing large quantities of data manually is near impossible and big data provides the necessary technologies to process those large data volumes. As sensors spread across nearly every industry, big data analytics will boost the analyzing capabilities of sensor data and data collection for turbines, oil refineries, traffic control and much more. With the global IoT market growing at a torrid pace, global analytics and advisory firm Quantzig has announced their predictions on what this could mean for big data and IoT in the near future.
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Quantzig’s Three Predictions for the Future of Big Data and IoT
1) Greater consolidation of players
As processes become more simplified and efficient, a greater consolidation in the global IoT market will follow. This consolidation will lead to even more success for the larger, more established vendors, who will look to acquire the smaller players in order to capitalize off their innovation and user data. New businesses will face increased difficulty when entering the market on their own and consumers will have a smaller pool of options when choosing a vendor or service provider to use or buy from.
2) Data loss from failed companies
For companies who unfortunately don’t survive the fierce market competition, the user and device data which they have collected will likely be lost. This could potentially be avoided if all wearable companies decide to cooperate with one another and create a single IoT operating system. This sharing of information would benefit consumers, while at the same time providing vendors more access to information that could help them improve their products. However, this cooperation does not seem likely and companies in the wearables sector currently have no real incentive to cooperate rather than compete. This is an inconvenience to consumers as they cannot transfer information from one wearable to a different wearable produced by a different company.
3) Increased security
Is the Internet of things the greatest cyber security threat of this decade? Some analysts are making this claim – whether this statement is accurate or not remains to be seen. Multiple research firms have predicted the number of connected IoT devices to double, perhaps even triple between the years 2015-2020 and it is no lie that increased connectivity does put more available data at risk of being exposed. Many of these connected devices which contain personal information and device user data are vulnerable to cyber threats, creating a situation where the data could be widely available to whoever wants it. To fight this, vendors will need to not only increase security systems but also educate users about what data is being collected, where it is being stored, and how to access or clear the data if they choose to.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.