The IoT industry & Real-Time data
The current increase in innovation and investment in the field of technology is especially aimed at the development of software that allow people to understand what machines say. According to Osisoft (a manufacturer of software applications for real-time data management), in the next years the industry will be driven by innovative industrial and commercial applications that are going to use real-time data, allowing customers to monetize the benefits of the Internet of Things. According to IDC*, in 2017 real-time data represented 15% of the total digital data. By the year 2030, at least 30% are going to be real data and the total volume of data will be 7 to 10 times greater.
The industry consumes more energy globally than any other sector; end consumer or transportation sectors consume considerably less. Thus, the amounts of money that industries spend on energy are enormous. The energy expenses of a water utility, in the majority of cases, exceed 30% (they are often the largest energy consumers in their sector) and historically it has been demonstrated that, through basic IoT monitoring, their consumption can be reduced somewhere between 6% and 12%.
A recent entrepreneurial success story is that of Caterpillar, an enterprise that has helped shipping companies save $ 1 million per ship through IoT real-time monitoring with their CAT Connect monitoring services for engines. It is going to become popular for manufacturers to integrate real-time monitoring and diagnosis in their equipment.