Data Analytics Research
The Internet of Things (IoT)
The Internet of Things is essentially a network of physical objects that is used to transmit and collect data. It is a way for the physical world to connect to the digital world through the use of technology. In recent years, this phenomenon has been growing rapidly. According to Gartner, approximately 3.9 billion connected things were used in 2014 and they predict average growth rates of 35% through 2020. Although still in its infancy, The Internet of Things will have a major impact on businesses around the world as it requires organizations to master many new technologies in order to harness the power of data to make better decisions.
In our MIS2502: Data Analytics class, we were taught that traditional data analysis involves gathering, storing, retrieving and interpreting data. However, The Internet of Things is disrupting the traditional approach. Due to the vast amount of data being collected, the supply of human data scientists required to analyze the data is decreasing. To combat this problem, companies such as Google and IBM are heavily investing their resources into new tools and technologies such as machine learning to identify patterns in data.
There is no leader in The Internet of Things yet. Gartner predicts that no one company or approach will offer a dominant platform for the next five years. Most firms today are experimenting with the use of this technology. Large firms such as Google, Apple and Samsung are exploring opportunities related to connected home, connected health and connected cars. A popular example of how the Internet of Things has been applied is Google’s recent purchase of Nest, a connected thermostat for $3.2 billion dollars.
Works Cited
Jones, Nick. “Top 10 IoT Technologies for 2017 and 2018.” Gartner, 22 Jan. 2016. Web. 21 Apr. 2016.
Tully, Jim. “Mass Adoption of the Internet of Things Will Create New Opportunities and Challenges for Enterprises.” Gartner, 27 Feb. 2015. Web. 21 Apr. 2016.
Veloso, Alfonso, James F. Hines, Hung LeHong, Earl Perkins, and Satish R.M. “Predicts 2015: The Internet of Things.” Gartner, 30 Dec. 2014. Web. 21 Apr. 2016.
Whitney, Lance. “Google Closes $3.2 Billion Purchase of Nest.” CNET, 12 Feb. 2014. Web. 21 Apr. 2016.