IoT end points are built for the express purpose of capturing lots of data. It is assumed that the reason for collecting these huge amounts of data is for the build-out of numerous information sources that will fuel their respective enterprise. But there is more here than just internal data collection. Lately, many IoT-based data collection initiatives have a different agenda. What is emerging is a new form of a data marketplace. Some are referring to this as the “machine economy.” In essence, there are companies being built specifically to sell or exchange machine-collected data. The following article takes a look at some very interesting real-world examples of this.
The capabilities of connected technology are expanding rapidly with the trajectory of the Internet of Things moving at a rapid pace, bringing monumental benefits to industries. The ability of connected devices to collect, collate, and analyze data has gone to the next level through the ability of devices to sell and trade everything from storage and computation/analytics to electricity and sensor data. Data analytics can save companies millions in terms of running costs through predictive maintenance insights, waste reduction, and reduced downtime. We’ve also seen a layer of monetization where connected devices will be layered with various Software-as-a-Service options, from energy cost insights(e.g. knowing a refrigerator is not cold enough or that a home device is using more energy than normal and costing more) to subscription models (e.g. a coffee machine that orders extra coffee beans when running low or a refrigerator connected to a food delivery service).