How Does IoT Benefit The Consumers?
The era we live in can be extensively termed as the era of broadband availability and increasing connectivity. The reasons for this is simple enough to comprehend, getting online isn’t as costly as before, more and more devices have the capability of connecting to a Wi-fi connection, devices are being created with added features and functionalities such as sensors and hotspots etc. All these are a direct result of the technological costs decreases as well as the rise and prevalence of smartphones. All the above aspects have combined to bring about the perfect technological storm which we have termed as the “Internet of Things”. Expert predictions suggest that by the year 2020 the number of connected devices will increase up to the 26 billion mark. These devices will span a variety of usages from industrial to consumer based.
The IoT market is currently estimated at $917 billion and predictions suggest that it will reach the $1.7 trillion mark by the end of 2019. A large part of the credit must go to the consumers who are undoubtedly loving the concept of connected devices and IoT. Let us analyze their love by describing the top consumer benefits that are related to IoT.
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1. Home automation
The global home automation market is currently estimated at $32 billion but it is largely fragmented. There are in fact tons of connected gadgets intended to make our lives faster and easier. Let us understand the concept by studying the case of Nest’s Thermostat which requires about 30 minutes to download and setup. Then as the learning process begins it begins to document each and every time interval of turning the heater up and down thus creating a schedule. Therefore, when you wake up you find that your room is warm when you leave for work the thermostat shuts down and again adjusts its temperature when you return. You can obviously monitor and orchestrate its functioning through the smartphone app on your device. Using this thermostat, you can save up to 20% on your electric bills.
2. Increased work productivity
We spend a lot of time working on a daily basis yet we fail to use it to its full capacity. Just consider the immense amount of time we spend adjusting the air condition, scanning docs or managing the inventory. With the inception of IoT in the workplace, these routine tasks can be automatically performed hence providing us with more time for performing tasks of higher value. UK and USA companies have instructed their employees to wear the FitBit bands while working and has found out that it eliminates work conflict and increases productivity to a large extent.
3. Increased safety
The population of the world is bound to increase in the coming world which means that more and more energy will be consumed and more laws will be broken.
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Law enforcement agencies do get help from surveillance systems but there are certain aspects where they fall flat while protecting the city and its citizens. IoT saves the day in such instances. Movement sensors with synchronized cameras equipped with facial recognition have made security systems fail-proof and hence the city a much safer place than it was.