IEEE Internet of Things Journal (Q1)
Extended Deadline: July 10, 2020
IEEE Internet of Things Journal (IoT-J) Special Issue on
AI-driven IoT Data Monetization: A Transition From “Value Islands” To “Value Ecosystems”
With the trajectory of the Internet of Things (IoT) moving at a rapid pace and with the rapid worldwide development and public embracement of wearable sensors, these days, most companies and organizations are awash in data. However, discovering how to derive a profit from the data tsunami can differentiate a business from its competitors. The potential for data to deliver value for many parts of the business is tremendous. We have already seen a layer of monetization across vertical domains by most organizations embarking on the IoT journey where connected IoT things will be stacked with various Software-as-a-Services, from smart insights to subscription models. However, we are proceeding even further and what is emerging is the evolutionary creation of the “machine data economy." Indeed, a unique source of competitive advantage and differentiation in the digital economy lies in the ability to leverage and monetize data effectively, rather than simply hoarding it. The recent advent of the technological advancements in all spheres of analytics — artificial intelligence, machine learning, big data analytics, etc. — has paved the path for a new era of competitiveness where IoT data is considered as a living and evolving asset that can unlock enormous new opportunities for monetization. This has brought forth a slew of architectures, tools, platforms, marketplaces, business models, and trading spaces designed to enable companies to monetize data. For example, recently, the digital world is witnessing the rise of new business models aiming to tip the balance of power between users and the companies that doing profit by ingesting, aggregating, analyzing, trading, and harvesting customer data. In this context, several start-ups have started empowering customers to monetize data by allowing them to sell their data directly to the end data consumers e.g., advertisers. It should be noted that there is not only one way to generate value by selling data resources, but also to apply value-adding steps to make this resource even more valuable. In general, data owners can take three main approaches to monetize their data: (1) improving internal business processes and decisions e.g., using data/information management, productizing information, and informationalizing, (2) developing new services or products or improving existing products or services, and (3) making raw data or extracted insights/analysis available to customers and partners (e.g., data marketplace).