In today’s rapidly evolving marketplace, business insight is critical for staying ahead of the curve. The Internet of Things is pioneering a new era of intelligent products that will help the world live smarter. Smart products are everywhere and top industries are already immensely affected by the possibilities that the Internet of Things has to offer. IoT is in your home, your car, your phone and, increasingly, on your body. It’s connecting citizens to their cities, linking patients to health services, bringing companies in closer touch with their customers and capturing our imaginations. Things around us are being connected to the internet and to one another, which drives companies to create new business opportunities, transform customer experience and access a new world of customer insight.

Seebo is at the forefront of the IoT revolution and has taken part in the quick, powerful surge in smart product manufacturing. The sharp rise in IoT market penetration, lowered costs, and changes in consumer psychology have all created a time which not only welcomes smart products, but demands them.

  1.  IoT – The fastest 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.

  1. Smart electronics prices are no longer a barrier

The costs of connectivity and embedded technology have fallen to a point where they no longer deter companies from adopting smart technology. Broadband communication, Wi-Fi, Bluetooth, and mobile networks are ubiquitous and well able to support large volumes of IoT connectivity at little incremental cost to enterprises and consumers.

  1. Today’s digital consumers expect smart technology

Your customers have fundamentally changed. They are more digital, more social, more sophisticated and constantly connected. They expect easy and simple device operation, beautiful design, great user experience and the ability to carry fewer devices. They want consolidation of the physical, the virtual, electronics, mobile applications and internet connectivity, all in one product – your product.  

  1. IoT is the third Industrial Revolution – Make your product matter

Manufacturers like you are actively looking for ways to keep up and build smart products. From smart golf balls to smart toys, smart travel bags, smart appliances, smart boats, smart buildings and even smart cities, smart products are going to be bigger than social networking and will include EVERYONE whether they are onboard or not. People will pass through country borders with smart passports that signal their identity, eliminating the need for airport staff; smart devices will protect children when they play outside, increasing children’s independence while providing a solution for concerned parents; smart cities will rid themselves of street violence and property fraud; our home refrigerators will independently shop online for us – the Internet of Things, connected devices and intelligent products,if utilized the right way by humans, could help us build a better world.

  1. Adapt, advance – or disappear

Whole industries have been wiped out by internet evolutions that weren’t addressed on time. When was the last time you rented a movie from Blockbuster? Or listened to music from a CD? Your kids would never use a CD player and will probably never read a hardcover book in their spare time. Music, books, video rental – all have disappeared.  Taxi, hospitality and shopping were dramatically disrupted. The retailers who have survived are the ones that established a successful online business on time.

“Playing catch-up will be costly for laggards, as the IoT could potentially change the shape of whole industries.”                                              Gartner, Agenda Overview for the Internet of Things, 2015

The IoT Revolution has already happened. Industrial commerce, health equipment, transportation, construction and manufacturers of consumer products are all transforming a new, more connected world for us. 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 shouldn’t be ‘are you going to develop a smart product, but ‘when – and the answer should be sooner rather than later.

IoT Use Cases - how to create the perfect smart product concept

Zahava Dalin-Kaptzan

Zahava is a Content and Marketing Manager at Seebo and a writer who loves exploring new technologies through the written world.