The Internet of Things has the potential to be the catalyst for a new era of growth in consumer electronics.
Billions of once-inert everyday and enterprise devices are already connected to the internet — including smart appliances and home devices like refrigerators and alarm clocks — and the number is exploding. By 2020 that number of internet-connected devices will top 50 billion, according to estimates from Morgan Stanley and Cisco.
Examples Of Consumer IoT Devices And Applications:
- Consumer electronics products spanning alarm clocks, digital video cameras, home audio systems, and speakers.
- Kitchen and home appliances such as refrigerators. washers and dryers, and coffee makers.
- Lighting and heating products, including bulbs, thermostats, and air conditioners.
- Safety and security monitoring devices such as baby and assisted living monitoring systems, smoke detectors, fire hydrants, cameras, sensor-equipped drawers and safes, and home alarm systems. Machina and the GSM Association believe that there will be $US270 billion in savings by 2020 thanks to sensors and devices that enable the elderly to live independently as opposed to care homes.
- Musical instruments.
- Toys ranging from desk-friendly remote-controlled mini-cars to hovering quadricopters.
- Health and fitness products that measure exercise, steps, sleep, weight, blood pressure, and other statistics.
As uptake among consumers and businesses ticks up, BI Intelligence finds that the IoT means a new set of challenges and opportunities, particularly for the consumer electronics market.
Many products and services have already crossed over into the IoT, and there are already clear signs that the biggest tech companies — and even smaller players — are trying to get out front of the race to dominate the IoT. Google has acquired Nest. Apple has unveiled its HomeKit platform. Even Staples and Honeywell — not typically companies thought of as tech leaders — are putting out new IoT — related products.
In the world of business-to-business and government, IoT use cases begin to proliferate even more.
To access BI Intelligence’s full report, Here Comes The Internet Of Things, sign up for a free trial subscription here. Subscribers also gain access to over 100 in-depth reports on social and mobile, and hundreds of charts and datasets.
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