A third of businesses are already creating products associated with the internet of things but the evolution of connected networks will likely evolve faster in the corporate, rather than the consumer world.
|Scooped by Mance Harmon|
In the survey conducted by ARM and the Economist's Intelligence Unit, the report indicates "that executives think privacy might be the problem [of slow consumer adoption], with three in five respondents agreeing that lack of trust and concerns about data privacy are hampering consumer uptake of the IoT."
The Real Problem:
1) The average consumer doesn't yet know about the technology, and 2) The value proposition to the consumer just isn't strong enough.
There are notable exceptions (e.g., the Nest smart thermostat), but most consumer-focused IoT gadgets simply don't deliver enough value to warrant either the up-front or recurring costs.
Make the benefits of IoT free to the consumer
Home appliance and electronics manufacturers will start adding IoT capability at very low cost (maybe no cost) simply as a way to differentiate their products. The cost to Wireless-enable most appliances is tiny compared to the total cost to manufacture. When consumers can purchase two identical products for about the same price, with the exception that one is "smart" and the other is not, then consumer IoT will become ubiquitous, and this will be at near zero cost to the consumer.
This could happen very quickly. Adding the ability to stream Netflix or Pandora through a DVD player was a product differentiator for only about 12 months (one holiday season). Now, it's a standard feature and no longer commands a premium price. The move to IoT may take a little longer, but adding Wi-Fi with an embedded web server into a Thing just isn't very difficult.
(The views expressed on this post are mine and do not necessarily reflect the views of Ping Identity.)