Analytics for the Internet of Things (IoT)

Defining the Internet of Things

Sensors have been tracking data for decades at manufacturing plants, retail stores, and remote oil and gas equipment. Why all of sudden is there this IoT hype all over the media?

The dramatic decrease in sensor costs, bandwidth costs, the spread of cellular coverage, and the rise of cloud computing all combine to create fertile conditions to easily connect devices over the internet. For example, as shown in the following graph, Goldman Sachs predicts an average sensor cost in 2020 of under $0.40 USD, 30% of what it was in 2004. Whether all these devices should be connected or not is hotly debated:

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