Interested in controlling the electronic devices in your home via your smartphone? This is possible thanks to the Internet of Things (IoT). This technology is still in its infancy, but there are many more technological advances to come in this field. Connected technology is being introduced in dozens of different applications, including home intelligence, home safety, energy efficiency and entertainment. IoT can now become the new voice control system for your home and office as tech giants are focusing on connected integration.
Despite many uses, connected devices are far from meeting their maximum potential. The US market has great year-over-year growth when it comes to connected homes. McKinsey found, in 2017, there were 29 million connected homes in the US, and the compound annual growth rate of this is 31%. Nearly half of people using connected devices at home also own wearable technology.
This technology still needs to further penetrate our society. It is relatively new, so not everyone is aware of all of its benefits. Consumers look at four main characteristics when considering buying IoT devices: price, energy saving potential, reliability and ease of use. This means purchase decisions are mainly based on solving simple problems at an affordable rate.