Internet of Things&Creation of the Fifth V of Big Data

The Internet of Things (IoT) is a term widely used nowadays to refer to the development of an intrinsic network of objects and appliances with Internet connectivity, which allows them to send and receive data. All of this data can be collectively referred to as Big Data, which basically comprises of large data sets and can be analyzed computationally to reveal patterns and trends relating to human behavior and interactions. In addition to the existing 4 Vs of Big Data (namely Volume, Variety, Velocity and Veracity), we can then derive a fifth V, called Value, which will help in engineering products better suited for a wider group of customers. Thus, we create a loop by connecting IoT (for sourcing of data) to Big Data (collection of data) to creating value from it and then back to IoT (for designing products with better functionality and greater acceptance).