According to experts, 2018 was a fairly quiet year for the IoT market. In 2019, however, we are finally seeing a promising upswing for these new technological devices intended to make our daily lives more comfortable, more secure, and more energy efficient. With a predicted 19.8% growth this year, what are the trends and good reasons to bet on these smart devices and connected services for homes and buildings?
The bright and vibrant future of IoT
For many, connected devices may bring to mind connected watches, roller shutters that can be controlled from a smartphone, or perhaps a coffeemaker programmed to start automatically at a specific time. But the IoT’s potential extends much further, especially for companies, who envision new prospects. The health, public services, and building sectors are poised to experience the greatest impact, with the most visible advancements. These sectors are expected to receive massive investments and undergo numerous developments, including increasingly more efficient applications, personalized customer experience, and company connection through building management and increased preventive and predictive maintenance. There are also core benefits, such as energy management, that can be handled entirely through the IoT, for optimized, relayed, and shared energy use that can help companies transition to digital, while also becoming more environmentally friendly.
Security and user experience driving development
Although individuals are still somewhat hesitant to buy into the IoT—for reasons mainly related to security and little media attention—nearly 3 million connected devices for homes were sold in 2018, accounting for 57% of IoT sales.
Without a doubt, security and best practices in IoT are key factors that companies must focus on. Training is now offered on security issues surrounding connected devices, the challenge being to ensure the best possible user experience alongside flawless security over devices and data. Digital identity and personal data issues are the crux of this technological challenge.
Offering “service-added” products
An increasingly competitive consumer goods market means that connecting a product creates value. But how? Through new uses and through concrete benefits for both consumers and the brand. Failure to offer connectivity solutions is a disadvantage in the market. It is no longer a matter of how to connect products or a brand, but rather how to promote connectivity around new services for users.
Real estate players have a particularly good understanding of this and now offer products as a service. More than a mere gadget designed to improve comfort in everyday life, IoT is designed and integrated into a building’s construction and influences its very design.
From smart homes and smart buildings to smart cities
Development focuses on several areas:
- Connected devices: 26.66 billion devices will be connected worldwide in 2019.
- Connected buildings: It will ultimately be much easier to manage lighting and heating systems in connected buildings.
- Smart cities: Nearly 50% of European projects now include smart city development.
Finally, in terms of data collection and processing, artificial intelligence will incorporate an increasing amount of IoT and will be capable of making better predictions, leading to even more independent and autonomous connected objects.
*Source: IDC – International Data Corporation
This article was proposed by Overkiz, the IoT platform for smart homes and buildings.
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