The Silicon Review - Best Business Review Magazine 10 Best IT Services Companies 2019 | Page 47

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