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the firmware and software updates more regularly after collecting massive amounts of data regarding software and hardware failure. They can also find out about the nature of usage of their products and use that information to improve its components and eliminate the issues. Smart and Regulated Energy Consumption The University of Massachusetts conducted a study regarding the use of electricity in homes and found out that the average cost of electricity has risen by 29 percent over the past five years, however, smart homes stay at profit by reducing the costs by 20 percent. Embracing green technology in smoke alarms, carbon monoxide detectors, smart thermostats and lighting systems becomes easier by IoT that reduces the consumption of energy in residential homes. For instance, a startup called Nest, owned by Google, has developed a self-learning thermostat that heats and cools homes efficiently. It is equipped with a feature that enables the device to detect if a home is occupied or not and automatically adjusts itself to a lower consumption mode. Such innovations and technologies that work with the concept of self- learning could help lower costs significantly. Improving the Security Standards of Connected Objects Unlike the furnishings in a usual home, objects present in smart homes store information which is vulnerable to attack. Moreover, these objects cannot be equipped with powerful processors or support the installation of complex security software further increasing the risk of security and privacy. Back in 2015, consumers started to realise the problems that could arise if the information gets leaked or tampered, and thus the trust in smart home technology dropped dramatically. This also brought forward an opportunity for the device makers to invest in developing better products such as secure IoT platforms, distributed smart home security services and lightweight security software. Innovations within the insurance industry Smart homes have this unique feature of being aware of their own surroundings and monitor them. Lately, insurance companies have been taking interests to utilise this feature to reduce risks. Homes can be fitted with devices that can recognise the presence of leaky pipes thereby reducing the water damage claims significantly. Companies have already been developing their own technologies in order to provide policyholders with a check-engine light for the home. There are many insurance companies too that are offering subsidies for customers willing to rewire their homes. Claims- preventing IoT technology could, therefore, be a lucrative venture. SR Conclusion Adopting smart home technology presents a cost barrier for consumers, but that doesn’t seem to hold them back from much wider adoption of smart and connected homes. Market research experts say that the prices will become less prohibitive and the market valuation will rise to result in an uptick in consumer participation. The vast sets of data thus generated could be collected and analysed by businesses in every industry. Furthermore, businesses can take advantage of self-learning devices to assist with home insurance, reducing claims or developing innovative products for home insurers. Businesses can, therefore, improve the efficiencies of their own products by staying connected to smart homes and further contribute to the IoT revolution. MARCH 2019 47