The inherent value of data is increasing, and that value is stimulating the Internet of Things (IoT) advanced analytics market, with the emergence of accessible out-of-the-box and off-the-shelf machine learning (ML) and artificial intelligence (AI) solutions.
Cloud computing allows oil and gas companies to scale their data management and storage, driving greater flexibility in infrastructure costs. The high computing power delivered via cloud platforms supports the adoption of other technologies such as the intelligent management of physical assets.
“Data users can spend between 30 and 40 percent of their time searching for data if a clear inventory of available data is not available, and they can devote 20 to 30 percent of their time to data cleansing if robust data controls are not in place. Effective data governance can alleviate these hassles.”
“As a data-driven culture is more a factor of influence than of control, spread the word about how data and analytics can help drive business results across business units. Data and analytics is not a technology implementation — it is a change management initiative.”
Data and analytics technology will help to accelerate renewal, drive innovation and rebuild society over the next three to five years. Savvy digital business leaders will leverage their ongoing IT investment that enables recovery and reinvention.
IT innovations, such as Big Data analysis, machine learning, artificial intelligence (AI), software analytics and cloud solutions — as well as the growing demand for sensors to capture and process data — have been significant drivers for the adoption of Digital Twin use cases.
More CIOs and CTOs are seeking actionable insight from the new technologies that are driving digital transformation within the industrial and manufacturing sectors. Manufacturing plants generate mountains of data throughout the day, every day. That data is a valuable asset.
By 2024, IDC expects this ratio to be 1:10. While the COVID-19 pandemic has impacted the creation of new unique data, the increased consumption of replicated data has fueled the continued growth of what IDC calls the ‘Global DataSphere’.
Prior to the COVID-19 pandemic, business leaders increasingly embraced advanced analytics and artificial intelligence (AI), and for good reason. These capabilities are expected to offer between $9.5 trillion and $15.4 trillion in annual economic value.
Juniper Research has identified private cellular wireless networks as a key driver of the growth of The Internet of Things (IoT) adoption over the next five years. This trend has been slowly establishing itself as LTE networks can be leveraged to do so, offering a wireless data connection.