Athena is a new service launched in late 2016 and operates over the data stored in S3. It allows you to query datasets using ANSI SQL. No data needs to be loaded into Athena; it queries directly against the raw files in it. This allows you to analyze large amounts of data without any Extract, Transform, and Load (ETL) to load it into a data analysis system. There are no clusters or data warehouses to manage. You pay for the amount of data scanned, which means you can compress it to lower costs.

Combine this with Lambda and you could have yourself a fairly decent low-cost big data solution. Store raw IoT files in S3 and schedule a Lambda job to periodically transform new data into an analysis-ready dataset - also in S3. Use SQL in Athena to analyze. You can do all this without worrying about servers, clusters, scaling, or managing complicated ETL.