Consumer electronics is a huge potential area for the Internet of Things (IoT) deployment and continues to gain traction everyday. According to a survey released in October, 2015 by the Consumer Electronics Association, one in every five U.S. homes with broadband access will have at least one smart-home device by the end of 2016.
When Samsung CEO BK Yoon declared at CES, 2015 that all of their devices will be IoT enabled within 5 years, it was a wake up call for the Consumer Electronics manufacturers. Though many consumer electronic enterprises have been proactive, some are still pondering on right stage and strategy for IoT adoption.
The upward IoT innovation curve over the last several years has resulted in a wave of connected products, from wearables and smart watches to digital health devices and connected cars. Even in the home appliances sector, manufacturers have started to use wireless technologies like Bluetooth/Wi-Fi to provide remote monitoring, digital content integration and other value-added services.
In many ways, this is the natural market evolution for a new technology; early adopters are often enthusiasts, willing to invest time and money in newer products and services. Early offerings from companies such as Nest, SmartThings and other start-ups have already proved the viability of how IoT can be an integral part of consumer electronic devices.
The ultimate result of this new connectivity in our “things” has meant an explosion of features and utilities for the consumer, and for the manufacturer, it has opened possibilities of newer revenue models after the initial sale of the product. Though there are multivarious possibilities of a highly connected consumer for manufacturers and service providers, but it still remains to be tapped.
For manufacturers, this scenario represents a tremendous revenue potential. However the main challenge lies in the ability to get secure and scalable connected products to consumer, with a sound revenue model and sounder IoT adoption strategy, when for most manufacturers this isn’t their core expertise.
Agree with it or deny it, the consumer has started opting connected devices over the regular electronics devices. And if you are a consumer electronics manufacturer and still does not have an IoT strategy, it’s high time you put your affairs in order.
About the Author – Shivam has been an award-winning entrepreneur working in the global IoT space for almost a decade. He is the Co-Founder of US-based IoTfy, Inc, a frontrunner in “Enabling IoT in Enterprises” and has been credited with creating high ROI, sharp and meaningful IoT use-cases for his customers. Shivam has also been a recipient of government grants for innovation and is a jury member for MSME and DST grants.