ABI Research: IoT data management services to reach US$43bn
With the internet of things (IoT) data enabling services continuously expanding, ABI Research explains that the market is approaching the stage of data democratization, with real time analytics technology being highlighly sought after.
“Currently, data integration, real-time stream processing, and analytics services are falling under the umbrella of data management services within the IoT value chain, where each component has also seen economic growth,” commented , who predicts that the IoT data management services market - which is rapidly growing - will reach US$43.9bn by 2026.
“The emergence of stream processing and analytics solutions provided the impetus for data-enabled decision making and insights for enterprises. Ultimately, there are two supplier groups dominating the discussion of stream processing and analytics: cloud-first and edge-first,” commented ABI Research.
With leading organisations in the industry centering their data management services around the cloud, this approach complements existing products and capabilities within full-stack end-to-end IoT portfolios. While others are serving the real time streaming analytics market by adopting an edge approach and partnering with cloud vendors to provide industry specific data management applications.
"Edge vendors are expanding their Streaming as a Service (SaaS) offering toward hardware-agnostic systems. The embedded event streaming and ingestion capabilities packaged as purpose-built, off-the-shelf SaaS have a pre-built application logic and an industry-specific "way" to handle data," commented Kateryna Dubrova, Research Analyst at ABI Research. "Effectively, everyone is attempting to move from a service market to productized out-of-the-box SaaS in relation to streaming technologies."
In addition, data management and streaming services have been impacted by Apache Project open source technologies. “The adoption is largely driven by the cost incentive to reduce the capital investment for the end-users as well as appeal to enterprises with existing open-source legacy infrastructure. In contrast, companies like Striim, SWIM.ai Guavus are offering streaming analytics services only reliant on proprietary technology," Dubrova explains. By focusing on data management and streaming technologies cloud
Additionally, by focusing on data management and streaming technologies, ABI Research reports that “cloud vendors are ceding the advanced analytics market to other suppliers.” Dubrova believes that as a result, “the advanced analytics market is an excellent example of the "coopetition" in the IoT ecosystem, where cloud vendors are partnering with advanced analytics suppliers. This coopetition enables them to promote an end-to-end IoT technology stack."
At the same time, other vendors are driving intelligence and analytics closer to the devices to expand their edge portfolio.
"Essentially, the vendors are branching into industry-driven solutions, and holistic-horizontal platforms with vertical enabled applications, all and all, the competitive market landscape remains in a state of flux. Subsequently, it is vital to understand each vendor offering and placement in the IoT analytics value chain to gain insight into the competitive landscape for real-time streaming and analytics solutions," Dubrova concludes.
Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.