Monetizing IoT Data Is The Next Step In A Connected Economy

We are moving at a break neck speed into the digitized world, where data has reigned king for several years. With the Internet of Things (IoT) becoming more prominent in our daily lives, data will become more powerful now than ever. As per the estimates, the total amount of data created by any device will reach 847ZB annually by 2021, according to Cisco. Much of this data will be left unanalyzed and remain unused. So, what should the businesses do with this huge volume of data?

Monetizing of IoT data is the next evolution in the growing connected economy. As the data continues to grow exponentially, it will enable the IoT players to sell & exchange their data. In other terms, a concept where enterprises change their business model from Sell and Forget to Connect and Improve. An open ecosystem where device manufacturers and service providers can directly generate revenue from the interactions of devices & services. Let’s have a look at a few examples which will precisely explain how this monetizing of data can work for different business.

Scenario 1: Smart parking service providers can help the users to find and track the empty available parking space for their destination. Real-time location data from these service providers can be used by the nearby restaurants to provide exclusive offers as advertisements to the users. For example, when Harry enters his destination in the smart parking app, he is instantly notified about the available parking space at his destination. As he is about to reach the destination, he receives an advertisement offer from the nearby local restaurant and decides to reserve a table. Though being a parking service provider, this company will now be able to monetize their data with context sensitive advertising.

Scenario 2: A smart factory has a gamut of assets (from different manufacturers) fitted with sensors collecting real-time data on asset performance.