By 2020, it is expected that there will be between 20 and 30 million IoT units in the marketplace, according to a study conducted by Gartner. With this much data being collected, the need for a way to analyze it grows exponentially. Many of the enterprise applications for IoT analytics, such as in manufacturing, finance, telecom, healthcare, and others have unlimited potential when data is managed and analyzed correctly.
To meet this need, IoT analytics has emerged as the broader category of uses and applications designed to help analyze the data obtained by IoT sensors. Once this data has been properly analyzed it can then be used to help make better, data-driven decisions for organizations that are in search of a competitive edge.
There has been sustained excitement about IOT and the data capabilities it will bring to industry. In 2013, McKinsey&Company had predicted that IOT would bring $3-6T economic impact in 2025.
With margins getting smaller and competition getting more intense, manufacturing companies are getting smarter about how they can become more productive in order to become more profitable. Manufacturing analytics is one of the most effective ways to do so.
Sometimes called the 4th industrial revolution, manufacturing analytics analyze the historical performance data of machines in order to forecast their future; and their failure. And with technology and the environment to support it evolving rapidly, there has never been a better time to get started.