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The Fourth Industrial Revolution is data-driven. And a primary reason for this is the rise of the internet of things (IoT). Connected devices from the consumer level to the industrial are creating—and consuming—more data than ever before. Last year, IoT devices outnumbered the world’s populationfor the first time, and by 2021, Gartner predicts that one million new IoT devices will be purchased every hour.

In this Extreme Data Economy, businesses, governments, and organizations need to analyze and react to IoT data simultaneously, in real time. This requires continuous analysis of streaming and historical data, location analysis, and predictive analytics using AI and machine learning.

To overcome these challenges and attain the full potential of the IoT across industries, governments and businesses alike need to consider how these devices—and their data—can make the most significant, positive impact on people’s lives.