As the Internet of Things (IoT) gains momentum, enterprises will be collecting huge amounts of data. Those who find the best way to share that data will gain an advantage, according to a new report from ABI Research, which sees IoT data exchanges as an important enabler.
ABI notes, however, that few companies have set a strategy for their IoT data. Companies that use the IoT in many sectors know that they own valuable customer and machine data but have yet to figure out how to fully monetize it.
“IoT data sharing, exchanging, and even selling initiatives will not be just additional aspects of the IoT environment. These services are actually the next evolutionary step,” Dimitrios Pavlakis, Industry Analyst at ABI Research, said in a press release. “From the creation of application enablement platforms and innovative management services, to artificial intelligence and machine vision applications, we will experience transformative data governance and exchange services between all intertwined verticals.”
ABI points to companies that are recognizing the potential. Gemalto’s IoT platform provides “flexible monetization models” to both original equipment manufacturers and cloud providers. Ericsson is working on connectivity, data management and analytics. Bosch offers a platform that “bridges open source applications and open standards with cloud services and IoT projects.”
Another company involved in monetizing IoT data is Samsung. Its ARTIK Cloud Monetization is a new service that aims to generate revenue from data that is shared between IoT devices. It is an open ecosystem that enables the creation of services plans that generate revenue from the interactions of devices and services, according to App Developer Magazine .
Late last year, 451 Research said that 71 percent of enterprises were collecting IoT data, an increase of 3 percent compared to the third quarter of the year. Enterprise concerns, in order, were security, lack of ROI and benefits.