The latest phrase in technical jargon, The Internet of Things; an ever growing and ever ‘thinking’ entity.
Despite actually not being a brand new phrase, having been used since the 80’s by tech companies, it is now the ultimate solution for all those tedious parts of life, which through the use of technology, can be made better.
So, in case you haven’t already Googled it, what exactly is it?
Simply put, it is connecting devices through the internet; making them talk to us and to other devices, through applications, to create a simplified execution or insightful data-flow from which we can optimise efficacy, be that our experience, output or operation.
Despite it’s growth, it appears many of it’s solutions have failed to yet cut to the real consumer needs with almost three quarters of people surveyed by PWC being ‘not bothered about having smart technology’.
So is this a case of pointless solutions for the mass consumer? Well for a lot of the IOT products currently – Yes.
The main example of IOT in the home is the smart fridge, telling you when you’ve ran out of milk, which isn’t exactly needed but on the other hand isn’t too outrageous. A bottle of wine that tells you if you’re drunk probably is though.
The key need and growing market for the IOT inventor is the connected home. Here it can, and is, producing solutions for a range of services to help usage and spend – two obvious and advantageous elements to make the consumer pay attention. In fact, you might already be using solutions from the IOT without knowing it. Hive and Nest for thermostat control remotely through your phone was an early adopter to how this could save money, waste and inconvenience, and lets face it, these are three key attracting features for most users. Through the introduction of smart meters from the government’s new Smart Energy initiative this household IOT solution is set to be a standard feature of any home.
A recognisable, and most importantly, trust worthy front runner for the install and supply of IOT solutions is yet to make it’s mark on the consumer base, with competition beginning to be driven by both energy companies and telecoms giants. As a consumer should you focus on the ability and safety of keeping all your assets connected? Your home’s security or even the control of driving your car connected through your phone is still a massive leap of consumer faith. Therefore telecoms giants, who are the crux of this offering, need to being voicing their stability and solutions in this market and engaging consumer trust.
IOT is still widely seen by the consumer as complex and a futuristic, perhaps even slightly unobtainable (a bit like having an R2D2 at home). But with the wide adoption of smart phones and accessibility to service such as Smart Meters the revolution is coming full throttle.
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