Fact Time: What One Study Has Uncovered about the Internet of Things

The Internet of Things can hardly be considered an infant anymore. Excited conversations continue to spread across multiple industries, as both consumers and producers have begun to comprehend the potential to be found in this budding form of technology. But just how big is the conversation? Acquity Group, a digital agency that now comprises part of Accenture Interactive, decided to find out. What they uncovered reveals that perhaps the conversation isn’t as far-reaching as you might think. Check it out:

1.      87% of consumers have never heard the term “Internet of Things.”

2.      64% of consumers claim that they have not yet purchased an in-home IoT device because they didn’t know they existed.

3.      Lack of awareness is not the only barrier to entry for IoT products. The consumers that are aware of IoT products claim not to buy them because

a.      36% see a lack of perceived value

b.      23% have concerns with privacy

c.       23% have concerns with price

d.      18% have other concerns

So what do these numbers mean for the IoT Industry?    

First, while the Internet of Things may be old news to producers and tech gurus, it is still a very new concept to the average consumer. With 87% not having a clue what IoT even is, that much is evident. This means that exposing consumers to newly developed smart technology will likely require both extensive explanation and customer support.

Second, the fact that only 36% of those who have heard of the Internet of Things cannot see value in IoT products shows that they have not been exposed to the true potential of the emerging technology. Acquity’s study notes that consumers are significantly more likely to purchase an IoT product that offers safety over a product that simply offers convenience (e.g. 83% in the study would pay more up front for a smart smoke detector, while only 59% would pay more for a smart refrigerator). The opportunities for the Internet of Things to improve safety are replete across a number of industries: security, healthcare, transportation, and more. Consumers just don’t know it yet.

Therefore, perhaps the greatest takeaway from this information is that in order for the Internet of Things to continue growing at its current pace, IoT providers will need to go beyond innovative products. They’ll have to combine their ideas with an unparalleled user experience, reliable and secure data management and above-and-beyond customer service. These will be the traits that separate the Internet of Things all-stars from the Internet of Things losers. And believe us–consumers will be able to tell which is which.