IoT Impacting Consumers Beyond the Smart Home
While the Industrial Internet of Things (IIoT) continues to overshadow consumer IoT both in terms of connected endpoints and revenues generated, the consumer market has continued to grow over the past several years in part due to the popularity of smart home products from companies such as Google (Nest), Vivint (Vivint Smart Home), and Amazon (Echo). This growth is driven from factors ranging from convenience and money savings to security and peace of mind. While there is a growing demand from the consumer market for connected solutions, consumers are more hesitant to purchase and use these devices longer term. For many consumers, the Internet of Things simply does not make enough of a difference in their lives in order to justify purchasing and using these devices. Costs and security concerns remain huge barriers to entry, with the large upfront costs of these devices and systems preventing many users from even experiencing the Internet of Things.
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