Enterprise IoT represents the next phase in the evolution of the Internet of Things, wherein enterprises increasingly invest in connected physical products that have embedded computing devices in them in order to drive operational efficiency, reduce manual work, and otherwise accelerate business processes.
By connecting physical objects to the internet via enterprise IoT investments, organizations can collect and transmit real-time data they can then use to make smarter business decisions and provide more value to their customers.
As an example, a healthcare company might use IoT devices for remote patient monitoring. By keeping tabs on patients’ vital signs from afar, healthcare professionals can quickly determine at a glance whether an individual needs treatment or intervention—which, in turn, improves health outcomes.
Due to the powerful nature of the technology, organizations across all sectors including telecom, energy, manufacturing, retail, government, and industrial—stand to benefit from enterprise IoT initiatives.
The Enterprise IoT Opportunity
As the IoT market continues to mature, more and more organizations are pumping serious money into enterprise IoT endeavors. While the global enterprise IoT market brought in $484 billion in 2020, that number is expected to reach $824.6 billion by 2027, growing 14.1% each year until then.
In large part, this growth can be attributed to the incredible opportunities enterprise IoT promises, including:
- Streamlined workflows. Rather than having to manually input data into systems or physically check meters and other gauges to determine how equipment and other sensors are performing, all of this can be handled automatically by IoT gadgets. Not only does this reduce data-entry errors and improve data integrity, it also frees workers from having to spend their time on menial tasks.
- New revenue streams. Enterprise IoT investments can also lead to lucrative new revenue streams. For example, mobile operators can use IoT devices to manage networks and applications in real time, which creates more opportunities to engage with customers (e.g., with in-the-moment upselling offers).
- Predictive maintenance. By monitoring mission-critical equipment in real time, enterprise IoT solutions can also help organizations increase uptime by predicting when machinery might break down and proactively repairing it before that happens. According to Deloitte, enterprises will collectively save $630 billion by 2025 by using predictive maintenance to reduce unscheduled downtime.
Enterprise IoT Trends
As more and more leading organizations make significant investments into the space, we’re starting to see a number of new enterprise IoT trends emerge, which we’ll examine in this section.
Unlocking the full promise of enterprise IoT investments requires lightning-fast connectivity. To this end, enterprises are increasingly investing in 5G networks to support real-time decisioning and make it easier to move and configure machinery thanks to ultra-wideband connectivity.
As organizations increasingly invest in 5G and IoT, they’re also moving their workloads to the edge and using edge computing to accelerate data analytics and increase productivity. Over time, we expect to see edge computing investments continue to rise.
Enterprise IoT promises to have a profound impact on many industrial organizations, including manufacturing, warehousing, and logistics companies. At a high level, the IoT will help these companies bake more efficiency into their operations, accomplishing more in less time and with fewer errors.
Enterprise IoT Challenges
Though enterprise IoT technology delivers a ton of upside to organizations, it is not without its challenges. Here are some of the more pressing ones.
Making the most out of enterprise IoT infrastructure starts with removing as much latency from the decisioning process as possible. After all, what good is “real-time data” if you’re not able to analyze it in real time? For this reason, companies considering enterprise IoT investments need to look for data platforms that support actual real-time decision-making, with the ability to analyze and act on data in less than 10 milliseconds.
Similarly, organizations can only expect to unlock the full promise of enterprise IoT infrastructure if they have lightning-fast connectivity. This requires using data platforms engineered specifically for the moment at hand, with the ability to ingest and transmit millions of individual events each second.
As more devices are connected, bad actors have a wider attack surface to target. As a result, companies that invest in enterprise IoT applications need to understand the new security risks they face—including more risk of data breaches, ransomware, and malware attacks—and take proactive steps to protect against them.
Data Platforms for Enterprise IoT
Making the most out of the promise of enterprise IoT requires a data platform built for the modern era. Such platforms need to be ACID-compliant, mesmerizingly fast, and wholly reliable. While NoSQL databases might be perfectly capable of handling workloads for applications like Netflix, Facebook, and LinkedIn, they can’t meet the data consistency and latency requirements enterprise IoT applications need.
We might be a bit biased, but we believe that the Volt Active Data platform is the ideal solution for organizations looking to unlock the full power of enterprise IoT, 5G, and edge computing investments.
As the only platform that’s able to analyze and decide on data in less than 10 milliseconds due to a patented data integration process and battle-test in-memory database, Volt is becoming the go-to data platform for enterprise IoT applications thanks to its speed, consistency, and scalability.
To learn more about how Volt Active Data can help your organization maximize its enterprise IoT investments and soar to new heights, try our platform for free today.