We often hear that data is the “new oil” or akin to a “modern-day gold rush.” Whether these statements hold true in the 21st century data landscape is debatable, but one thing is certain: data is growing exponentially across industries, necessitating new systems and methods to capture, analyze, and act upon it.
In manufacturing, the increased adoption of data has opened new opportunities through the Industrial Internet of Things (IIoT) and Industry 4.0 technologies. These advancements in automation, data exchange, and digital transformation are revolutionizing traditional industries and manufacturing processes. However, with these gains in productivity and knowledge comes a renewed responsibility to secure sensitive information and protect intellectual property.
Our latest roundtable addressed the challenges and opportunities presented by Big Data and IoT in Industry 4.0. This report covers key points discussed by our panel of experts, including the current state of Big Data and IoT, their impact on various industries, and potential solutions for addressing privacy and security concerns.
The Significance of Big Data
Big Data and its associated technologies represent a fundamental shift in how our world operates. We have transitioned to an information-driven model, where data can be produced, shared, and stolen at unprecedented speeds. McKinsey research estimates that companies with more than 1,000 employees in nearly every sector of the U.S. economy stored an average of at least 200 terabytes of data in 2009. Today, that number has reached petabytes. The International Data Corporation forecasts cloud spending to store and access this data will balloon to more than $250 billion by 2027.
The term "big" doesn't fully capture the scale of data creation today.
“For most of us here, it is just data,” said Jeff Hall, Omron Vice President of Global Strategic Sales. “Everyone knows how big it is.”
Read our Integr8 Playbook, “Transformative Synergy: Exploring Big Data and IoT,” in full here.
