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Data mined from IoT devices will ‘breed’ next new Uber

Data mined from user interactions with ‘things’ rather than digital services will create a wealth of rich data, enabling new business models, and the creation of new products and services.

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Data collected from Internet of Things (IoT) devices is set to unlock “significant innovation” over the coming years and could lead to the creation of the next new Uber or Netflix, according to IoT connectivity specialist Esye.

 

In its IoT Trends to Watch in 2021 report, it says as more IoT devices are deployed and the data they generate dwarfs that collected through traditional online channels, what organisations will be able to do with that data is set to “dramatically shift” in 2021 and beyond.

 

User interactions

 

Eseye predicts that data mined from user interactions with ‘things’ rather than digital services will create a wealth of rich data, bigger and more detailed than online data ever was, enabling new business models, the creation of new products and services and new levels of understanding of human behaviour.

 

Services like Amazon, Facebook and Netflix capture a wealth of consumer usage and behaviour data which is stored, analysed, and used to digitise and reinvent shopping, social interactions and entertainment as custom personalised, data-driven services. This has had an extraordinary effect on the creation of new personalised services and new disruptive business models.

 

As radical a change as this was, now IoT data is set to power unprecedented levels of innovation over the coming years. Eseye predicts that data mined from user interactions with things rather than digital services will create a “wealth of rich data, bigger and more detailed” than online data ever was, enabling new business models, the creation of new products and services and new levels of understanding of human behaviour.

“We can only speculate around what IoT entrepreneurs will come up with once they have access to data from billions of devices capturing rich intelligence on every aspect of our lives and businesses.”

This innovation will be seen not just in the next generation of classic IoT devices, which will become much more interactive and personalised to real time behaviour, but also in the development of a new set of devices created through the fusion of multiple sensors, cellular connectivity to the cloud and advanced AI techniques, the company reports.

 

This combination will enable near real-time predictions of what services should be “dynamically configured” into those devices to maximise revenue and collect even more data and deliver huge value, Eseye notes.

 

“IoT companies that see the potential, not just in the device but also in the data collected, will be the big winners,” said Nick Earle, CEO, Eseye.

“As we come out of the pandemic, organisations will be looking for new ways to innovate, and IoT data has the potential to disrupt business models and processes in practically every industry”

“As we come out of the pandemic, organisations will be looking for new ways to innovate, and IoT data has the potential to disrupt business models and processes in practically every industry. Disruption, by its nature, comes from places we haven’t even dreamed of, but it can be radical. For example, the people who invented the internet could never have predicted the emergence of services such as Uber and Netflix.”

 

He continued: “Likewise, we can only speculate around what IoT entrepreneurs will come up with once they have access to data from billions of devices capturing rich intelligence on every aspect of our lives and businesses. We predict it will be an even bigger wave of innovation than the first wave of IoT adoption.”

 

In addition to its 10 predictions, Eseye is also analysing how mobile network operators (MNOs) are adapting to compete globally and why a federation approach creates a more viable economic model for MNOs to deliver IoT, as well as the emergence of virtual MNOs.

 

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