If you’ve heard the term “Internet of Things” (IoT), it might have been related to controlling your home’s heat while you’re away or dimming your bedroom lights with a smartphone. IoT refers to inter-connectivity between the internet and everyday devices, so these are certainly two examples. Yet with $772.5 billion projected to be spent worldwide on the IoT in 2018 and 31 billion devices projected to be connected in 2020, they’re just the beginning. And this hugely growing trend has the potential to drastically impact consumers and businesses.
The IoT’s Impact on Consumers
New developments in IoT technology promise to add convenience, efficiency, and automation to many aspects of consumers’ lives including what we wear, how we interact with our homes, how we shop, how we work, how we get from place to place, and how we experience travel. What if your shirt could adjust to your body heat? What if grocery stores could completely eliminate checkout lines? What if your hotel room could lead you through a morning yoga routine on a full-length mirror? These are just some of the questions leading-edge companies are asking and, using the IoT, developers are bringing solutions to fruition.
The IoT’s Impact on Business
The IoT is also having a drastic impact on businesses in every major industry by providing constant access to a huge amount of data and allowing for even greater automation of tasks. In the healthcare realm, for example, the rise of wearables and remote monitoring is starting to help patients become more involved in managing their health and is allowing for more collaborative doctor-patient relationships. In financial services, the wealth of data from IoT-connected sensors and devices has the potential to disrupt everything from retail banking and to digital payments to consumer lending, investments, and wealth management—not to mention the revolutionary potential of the intersection of blockchain and IoT.
The Internet of Things is seeping more and more into human life every day, impacting how we experience life at home, work, and everywhere in between. How can you harness the IoT in your daily life to benefit from its key advantages: convenience, efficiency, and automation? And how can your industry and your company leverage what the IoT offers to businesses: a constant stream of data and automation of tasks?
Learn more about how the IoT is impacting consumers, healthcare, and the financial industry by downloading the full report.
August 17, 2018 | Research