The Internet of Things (IoT) has been around for a few years.
Put simply, it’s the broad term given to devices that can be interconnected using the internet and other technologies, to provide a better user experience.
For example, if your smart fridge was fitted with “milk sensors” and was connected to your smartphone, the fridge could alert your smartphone that you were running low on the stuff and when the phone sensed via its GPS that you were near a supermarket, it would then alert you of the milk shortage.
Now you’ve probably seen the IoT in action: remember the fitness tracker fad?
The fitness tracker market has nosedived since its peak a few years ago.
Even Fitbit, the market leader, has suffered a serious sales drop and is now focusing itself more on a multi-featured offering rather than a simple tracker. A scientific study has also shown that the key selling point (the calorie counter) is inaccurate.
Other companies have been more successful in other markets like Nest, the maker of home sensors. Similarly, Amazon has boasted impressive sales of its Echo smart speaker.
But relying on the internet is like the rule about working with animals and children.
Be prepared for problems.
For instance, Airbnb’s latest update to its systems incapacitated its smart locks, leaving customers locked out.
We predict that as prices decrease, it becomes open to third party developers and is more reliable, the IoT market will surge.