It’s 2016, and smart products are everywhere. The Internet of Things (IoT) is connecting products to the internet and one another, which creates new opportunities for user experience and in turn drives up product value. The demand for smart, connected products, and the ability to make them quickly and at lowered cost are converging right now. Here’s why.
1. Adapt and advance – or disappear
Can you remember when you last rented a movie from Blockbuster? Or listened to music from a CD? Kids today have no idea what a boombox or cassette tape is. Technology is replacing itself at faster rates each year. Entire industries are falling behind due to the speed at which technological innovation is changing what consumers want. The retailers who survive are those who adapt to changing technology on time.
2. IoT – Lightspeed market penetration
According to research firm IDC (2015), the market for connected devices is expected to more than double from $655.8 billion in 2014 to $1.7 trillion in 2020. The number of connected devices is expected to nearly triple from 10.3 billion in 2014 to $29.5 billion in 2020.
A survey conducted by Gartner reports the following: When asking 435 product executives: “has your organization already implemented an IoT product?”, 29 percent replied: Yes. Excluding 9 percent who replied “Not yet”, all the rest – 62% are planning to start development within the next 12-24 months
3. Electronics prices have dropped
The costs of connectivity and embedded technology have dropped. The current prices are low enough to encourage everyone to adopt smart technology. Broadband communication, Wi-Fi, Bluetooth, and mobile networks are everywhere and can support large volumes of IoT connectivity at little extra cost to enterprises and consumers.
4. Today’s consumers expect smart technology
The last twenty-five years hit consumers with technology that became outdated at quicker and quicker speed. Consumers today are more social, more digital, and constantly connected. They expect easy and simple device operation, beautiful design, great user experience and the ability to carry fewer devices. They want to consolidate their devices, both the physical and virtual capabilities. They want mobile applications and internet connectivity in every product.
5. IoT – the third Industrial Revolution
Every industry today is building smart, connected products: toys, clothing and wearables, sports, travel bags, smart appliances, smart buildings, smart boats, and even smarter cities and infrastructure. Manufacturers are actively looking for ways to keep up and build smart products, because they are catching onto the fact that smart products will surpass even social networking in their ubiquity .
The IoT Revolution has already happened. Due to a rise in demand, lowered production costs, and changes in consumer expectations, smart products are already being built at a terrific rate. The question isn’t whether or not you should go smart, but when.
We know how complex it is to build smart IoT products. That’s why we’ve created a platform that lets you build products to excite today’s digital consumers and transform customer experience. Apply insight from the unique Seebo platform to come up with new revenue streams and empower your channels to sell more of your products – and sell better.
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