Data Marketplace and the value of IoT data
Internet of Things (IoT) is the interconnection of devices, networks, and machines. By collecting data from sensors, followed by advanced analytics processing, IoT represents new business opportunities, save costs, optimize maintenance and change business models for most industries. There is an estimation that the Internet of Things will host about 30 billion interconnected objects by the year 2020. Financial experts have also posited that the global market value will amount to over $7 trillion.
The myriad of data being generated by IoT sensors are overwhelming, and there is a need for effective management. It has been observed that this data, even though it is being generated copiously, remains heavily under-utilized. There are two reasons for this. Firstly, there is no incentive for sharing this data. Also, there is no existing means of reaching out to those who provide this data.
Data marketplaces exist to eliminate these inherent problems. They are platforms which serve to connect the providers of the data sets, and data streams to the consumers. These marketplaces receive data from the providers, and process the information; giving out aggregated and anonymized data to the consumers.
In return, the data consumers pay the data marketplace for this service provided, and serves as an incentive for data providers to share data in the future. Apart from providing an easily accessible platform for a transaction, data marketplaces also ensure that the data meets a high standard. Consistency and security are also guaranteed in this arrangement.
How it Works
The process begins by selecting the sensors you wish to access data from. There are several sensors available, such as humidity sensors, temperature sensors, home energy management sensors, weather station sensors, and environmental sensors.
Further, you are directed to a micropayment platform, where you can purchase direct access to the data stream. The payment platform is easy to use, and it provides you with unlimited access to any sensor of your choice. Consequently, you can utilize the data stream, and apply it to your reports and analytics.
Looking through history, every challenge encountered engenders a solution which becomes profitable in the long run. Opportunities abound for those who provide the plethora of data collected from sensors. Here are few reasons to ponder.
The market size of the primary market for IoT sensors leapfrogged from $600 billion to $900 billion in two years. The market forecast is estimated to be about $1.4 trillion in 2020. This expressly explains the importance of the data being generated. With the current level of advancement, companies will pay the appropriate amount to access and process the data being generated.
Advancing the World
By releasing such enormous amount of data to research and development, you are contributing your small quota to make the world a better place. When information on city pollution, weather, and humidity are properly utilized, worldwide phenomena, such as global warming, can be adequately tackled.
Creating More Opportunities
Ultimately, your contribution engenders a larger industry. When sensor data is properly analyzed and distributed, there is an increased demand for devices and sensors, which in turn calls for additional manpower. The opportunities are limitless, and providing the data needed is only a piece of this enormous puzzle.