Having recently hosted an event at MIPIM 2018 on the topic I can confidently say the Internet of Things (IoT) is here to stay and is set to make big differences in the way we live, work and shop.
You can look at stats such as there being a predicted 20.4 billion connected things in use globally by 2020, or the value of the industry being set to be US$138 billion by 2023. However, I look to the simple fact that from primitive man to the present, as a species we have always pursued increased connectivity.
When it comes to the home IoT is already here with over 40% of homes having a connected device within the UK. However, we firmly believe the biggest impact is going to be initially made with seniors. It’s great that anyone can adjust their heating or lighting from their phone but it’s not a true game changer. However, how IoT can help older people live for longer in their homes truly is.
We carried out a survey with the over 70’s which threw up some key insights into this field. After deteriorating health, losing their independence was the biggest concern. This concern involves moving to a retirement home, but eventually, IoT is what could make the difference to accomodate people to stay in their existing home for longer.
77% of respondents also felt technology can make living at home easier. When we probed further it covered a variety of reasons: