Gartner muses on importance of algorithms for Industry 4.0 projects

IoT Tech News:  Algorithms are vital for Industry 4.0, and as Thomas Oestreich, managing vice president at research company Gartner puts it: “…the connected world of cyber-physical systems has to deal with the sheer volume, real-time velocity and diversity of data; and in order to drive new value and differentiating innovations, new algorithms need to be developed. This is making algorithms the pulse of Industry 4.0 initiatives.”

Gartner predicts that at least 30% of Industry 4.0 projects will source their algorithms from leading algorithm marketplaces by 2020, which is said to be a significant rise from less than 5% in 2016. According to Oestreich, developing new algorithms requires skills and competencies that most companies do not have yet. To increase time to market and speed up the development process, some organisations employ service providers and combine this with using algorithm marketplaces.

Gartner says that analytics vendors have started creating marketplaces for software components, such as analytical algorithms, to bring greater flexibility and options for end users. These marketplaces will bring the benefits of the app economy to software development. They will radically lower software distribution costs and improve access to thousands, if not millions, of available algorithms.  Full Article:

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