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.
Ivy.ai’s new chatbot streamlines resources and policies
Ivy.ai, a creator of AI chatbots for higher education, is offering a chatbot that helps institutions streamline name, image, and likeness policies for athletic programmes.
This solution will allow athletic departments to dramatically reduce inbound inquiries while answering inquiries related to compliance, financial aid impact, how-to documents, and best practice training videos.
It will allow institutions to condense information in a way that is easily accessible and eliminates the need for student-athletes to read complicated manuals. Institutions can also engage with student-athletes via a real-time feedback loop to see which topics truly matter and what needs further clarification. This allows administrators to be proactive and provide a competitive edge in recruiting.
Helping institutions connect their students with information
“Athletic departments at colleges and universities are overwhelmed by the challenges posed by the name, image and likeness legislation,” said Mary Frances Coryell, Vice President of Strategic Alliances and Partnership.
“Ivy.ai is uniquely positioned in the market to help institutions connect their student-athletes with policies and information related to NIL such as state laws, restrictions and relevant contacts. Our chatbot can digest all relevant policy information and provide answers to student-athletes at any time on any device. We expect the NIL market to move quickly, so student-athletes deserve the answers on their terms, rather than exclusively during work hours.”
Primary use cases for the chatbot include:
- Answering commonly asked questions related to name, image and likeness
- Communicate policies such as state laws, restrictions and compliance regulations
- Provide contact information for various advisors and agencies
- Connect training materials for athletes to improve their branding
- Engage in two-way reactive and proactive communication to keep policies student-centric
Back in March 2020, the company offered schools a free COVID-19 Response System, including a customisable COVID-19 Response Bot, a human-to-human live chat system and an SMS Text platform. These services are offered completely free of charge.
"The customisable COVID-19 Response Bot will help schools connect their students with important information, such as the school's operational status, where to go for treatment, and what to do to help reduce the risk of spreading the virus. We already added that information to all of our clients' AI chatbots, and we found that in many cases students needed additional support. That's why we're including our human-to-human Live Chat system in this offer. The SMS Text platform can be used to drive awareness to this communications channel for your students." said Mark McNasby, CEO of Ivy.ai.