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Smart Homes And IoT
How Can Businesses Tap Into The
Opportunities Presented By Smart And
Connected Homes?
T
he times have long gone
when household items were
just mere objects. Now every
object is connected turning them
into capable computers that have
the potential to sense, analyse and
communicate through that data as
well. With the recent developments
and advancements in the IoT space,
refrigerators, lamps, door locks
and other objects have gained the
capability of connecting to the
Internet and interact with each
other.
Moreover, the Internet of Things
technology is booming rapidly. The
number of smart devices that exist
now are way more than what was
present in 2006, and according to
Intel, the year 2020 will witness
a giant surge in the growth of
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tech-savvy gadgets amounting to
about 200 billion smart devices. An
ecosystem of smart devices that is
truly robust is now a reality with
IoT.
Usually, industries, factories and
hospitals make the most use of
IoT technologies; however, regular
homes won’t be lagging behind from
utilising the full potential of IoT as
the prices of smart devices lower
down. It is also predicted that the
smart home market will skyrocket
from its current valuation at $20
billion to $58 billion by the year
2020. But the major question to
think about is what steps businesses
can take to completely exploit the
opportunities of the technological
revolution. There are infinite
possibilities, but there are a few
sectors that particularly stand out
namely data, energy, security and
insurance.
The Proliferation of Big
Data Technology
The amounts of data generated from
connected devices are huge making
big data grow bigger each day.
Estimates show that the amount
of data contributed from IoT in
2020 will be 10 percent of the total
world’s data. Data collected from
wearable technologies and other
interconnected devices deliver
incredible consumer data that can
help businesses to move a step
ahead to understand the wants and
needs of their consumers.
Businesses can tap into these
statistics and work on releasing