The Future of the Interconnected World

The Columbia Chronicle –  Gartner estimates there will be 6.4 billion IoT devices in use by the end of this year, a 30% increase from 2015. One would think that with all the media attention these devices receive that sales revenue would match the hype. But most smart products are commercial failures according to data provided by Marcelo Ballve of CB insights. This trend could change if companies start to make IoT products that actually help consumers, instead of needlessly making any product a “smart” product. “We’re on the tail-end of that period where people were just trying things for the sake of launching a technological solution. The products that are coming out and solving a real issue—we’re seeing the beginning of it,” said Mathieu Turpault, managing partner and director of design at Bresslergroup, a product design company.

As the product design of connected devices improves, so will consumer adoption. Right now these kind of products are in the early-adopter phase, and surprisingly, most of these are Gen-Xers. According to a July 28 report from Essence, a cloud-based and IoT living solution company, Gen-Xers have adopted “smart home” technology at double the rate of millennials. Their primary reason is for home security and energy saving benefits, while millennials buy for the convenience these devices provide. LINK