Consumer IoT – What it is | Prominent Use Cases
Imagine a world where you stay constantly updated on the well-being of your family, the health of your car, and the location of your valuables like keys, wallet, camera, etc.
But why imagine!? All this, and so much more, is already possible using next-gen technologies like Consumer IoT that enable users to utilize smart devices and applications to build a more connected and thriving ecosystem.
So, what is this technology? What are its implications and applications? What makes it an enabler in today’s rapidly evolving digital world?
Consumer IoT – Forging Lasting Connections
Consumer IoT (CIoT) refers to connected devices designed for the consumer market, like smart wearables, smartphones, smart home devices, etc., that collect and share data through an internet connection. An offshoot of the Internet of Things (IoT), CIoT distinguishes itself from other IoT segments by the types of applications and/or devices and technologies that power it.
With fast-growing computing capabilities, Consumer IoT applications are increasingly becoming more efficient and easier to use. They use edge computing technologies to improve scalability and save power in consumer IoT devices by crunching data instantaneously while also enabling and optimizing data visualization and M2M.
Large-scale implementation of CIoT devices and applications promise to revolutionize many aspects of our day-to-day life. Increased comfort, higher control, efficient tracking of loved-one/ valuables, better insights, and enhanced connections between people, systems, and the environment are some ways consumer IoT is transforming our lives.
Consumer IoT – Global Overview
With the capability to irrevocably transform our lives, often without us even realizing it, Consumer IoT devices and applications are quickly getting integrated into our daily routine. The CIoT market is expected to grow at a CAGR of 17.43% from 2021 to 2028 (Source: MarketsAndMarkets).
Factors Driving the Consumer IoT Market
Projected to grow from USD 46.8 billion in 2018 to a USD 104.4 billion market by 2023, Consumer IoT’s impressive growth trajectory is attributed to the following drivers.
- Growing penetration of the internet leading to a dramatic rise in the number of users
- A growing market for smart and multimedia devices
- Huge volume of data as a result of growing adoption of CIoT globally
- Rising awareness of convenience and ease-of-life with Consumer IoT
- Growing network infrastructure
- Rise in disposable incomes in developed and developing economies
- Growing consumer preference for convenience and a better lifestyle
- Increasing significance of monitoring home/ assets remotely
- Growing focus on health and fitness
- Stricter government regulations for the security of IoT devices
- Growing emphasis on research and development in IoT
- Increasing government focus to promote green buildings
Consumer IoT – Application
A bullish smart multimedia devices market fueled by the growing adoption of a digital lifestyle has led to the need for rapid innovation and personalized services in the consumer services segment. Today’s informed customers have high expectations regarding the kind of capabilities they are looking for in a device/ application vis-s-vis specific use case. They want the device/application to offer experiences that are personalized, convenient, time & cost-efficient, and secure. To realize that, real-time data collected from connected devices and smart connected consumer products can generate valuable insights and provide personalized information and services to the consumers.
Furthermore, the pandemic has triggered an urgency to adopt advanced technologies like IoT, AI ML as they are also proving to be powerful tools in taking preventive and preemptive measures.
Consumer IoT – Use Cases
From streaming devices, wearables, voice command systems, home control devices, healthcare & asset monitoring systems to smart in-store devices and connected cars CIoT is now everywhere. Below are a few well-known Consumer IoT use cases in application with many more on the horizon.
Home Automation & Security
A leading use case, Consumer IoT is increasingly gaining a foothold in this segment. Comprehensive home security solutions, internet-enabled appliances, energy management devices, innovative remote home applications like room control, entertainment systems, etc., are hitting the market every day. In fact, home automation devices with smart energy management and security applications are expected to hold the largest share of the consumer IoT market by 2023.
From smartphone, camera, key, etc. tracking to pet tracking, even tracking vulnerable family members, like kids and the elderly, are being made possible and convenient by consumer IoT. It enables monitoring of anything that’s IoT-enabled and connected, also over longer distances.
Wearable tech is fast becoming popular in wearables besides the usual popular smartwatches and fitness trackers. Consumer-oriented wearables with feature-rich intuitive applications are now being designed to transform how consumers go about their daily lives. With next-gen breakthroughs in CIoT every day, very soon, there will be smart wearables that won’t be dependent on smartphones as they are today.
Another prominent use case where consumer IoT is making inroads rapidly and enhancing the patient and caregiver experience. From patient monitoring, smart hearing aids, healthcare equipment tracking to elderly care, there is a growing convergence between personal healthcare and IoT in healthcare.
Amantya – Connecting the Dots in the Consumer IoT Value Chain
Amantya’s end-to-end IoT solutions offer businesses innovative ways to connect the entire consumer IoT value chain. Right from ideation to implementation, we support our clients through every stage. We do hardware and software designing for sensors and other IoT peripherals (across various IoT technologies). We work through the entire IoT implementation chain, from sensors, connectivity, gateways, and back-end cloud solutions to deliver end-to-end solutions across NB-IoT, CAT-M, and Cellular-IoT. From smart homes, personal healthcare to asset tracking, and beyond, we leverage IoT to help enterprises in the consumer sector effortlessly move from traditional products to those with embedded intelligence. Our agile and proactive approach enables enterprises to stay ahead of the competition and explore newer revenue streams while staying relevant to the consumers.
Consumer IoT doesn’t just add convenience to the users’ everyday life but also enables them to stay connected on the go. It also offers businesses an opportunity to gain better user behavior insights by analyzing data and ensures they continually deliver personalized and immersive user experiences. Yes, trends and preferences change in the blink of an eye but with the continuous evolution in the consumer IoT space, it promises to be one happy, convenient and connected ride for the consumers!