The “Internet of Things” (IoT) may sound complex, but in actuality, is a fairly simple concept to understand. On a very high level, IoT is the ability for things that contain embedded technologies to sense, communicate, interact, and collaborate with other things, thus creating a network of physical objects. In recent years this concept has gained enormous momentum, and is now one of the most talked about things in the world of technology today. At this rapid rate of growth, it is projected that there will be approximately 26 billion connected devices by 2020.
What is Internet of Things (IoT)?
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With the Internet of Things, manufacturers can give each of their physical assets a digital identity, enabling them to know the exact location, condition, and usage of their assets in real time throughout the supply chain.
Gain insight into customer usage and device performance to improve future products
Open new opportunity to monetize value added service around product usage
Better insight into supply chain management
Ability to update products in the field to enhance capabilities and extend lifecycle
Consumer adoption of connected devices such as smart appliances and wearable devices is rising. Today, more than 30% of consumers already own or plan to purchase an in-home connected device in the next two years according to a report by Acquity Group. Some of the key benefits connected devices provide consumers are:
Ability to remotely monitor and control devices for peace of mind
Improve energy efficiency of household devices
Extends lifecycle for products, through the ability to update
Ability to integrate multiple connected products for improved customer experience
Ability for products to manage themselves
Hi Ayla, What IoT data from a new connected product is most valuable following launch and during full production?
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This whitepaper analyzes 10 key trends impacting the market for consumer technology now and into the next year. Topics include: Voice Control, Mobile Services, Connected CE, Virtual and Augmented Reality, OTT Video Services, Connected Cars, Smart Home, Smart Home Devices & Services, Wearables and Healthcare.
The Internet of Things (IoT) covers a lot of ground, and much of it is in the consumer space. There has been a flood of products and the numbers continue to rise. Many have a limited market, but the number has risen into the billions: Gartner estimates 6.4 billion in 2016.
