Thinking Beyond the Smart Home
July 21, 2016
From a business perspective, the smart home solutions market is very alluring. It’s easy to see why: consider that, by 2022, a typical home could have more than 500 smart devices. The market for connected consumer goods, in other words, is booming.
Rest assured, though, the smart home market is not the only industry where the IoT is growing. Here are more industries to consider for your manufacturing investment:
Automotive:Over the next few years, the IoT will completely transform the way that consumers interact with automobiles. Cutting-edge connected technologies will make traveling an easier, safer and more enjoyable experience. Consider facial analysis, for instance, which will detect and alert drivers when their eyes shut for more than a few seconds at a time, helping to reduce accidents. Service providers and insurance companies will be able to receive live streams of vehicular incidents, enabling them to respond in real time. Plus, by analyzing historical information, insurance companies can identify driving patterns and behaviors, which will allow them to refine their services. Eventually, vehicles will become automated to the point where manual driving will be practically eliminated.
As cars get smarter, demand will also increase for smart, cloud-based services to enhance the cabin experience. These services will primarily be centered on intelligent entertainment, safety and environmental systems. In a recent survey, seven in 10 respondents claimed they would pay up to 10 percent of the car price on “infotainment” services. And from a commercial standpoint, connectivity will streamline operations, allowing for more efficient services and better customer experiences. For example, by tracking cars, taxi companies can ensure that drivers are performing up to expected standards and are abiding by company regulations.
Security: Opportunities abound in the smart security market beyond the home, as small business owners and facilities operators for large enterprises look to improve visibility throughout their connected environments. This presents another great use case for biometric facial recognition software. Smart cameras will make it harder for criminals to hide in crowds, which is essential for detection in busy areas like airports and train stations. In the past, biometric video security was very difficult; in order for a camera to register an image, a person had to be standing still. Now, cameras are able to use dynamic facial recognition to identify humans while they are in motion. This type of technology can work in conjunction with door and building entryways, enabling authorized staff members to enter and exit unfettered.
According to Technavio, the global smart security market—which includes enterprises, commercial buildings, educational institutions and utility infrastructure—will grow at a compound annual growth rate of 18.59 percent from 2014 to 2019.
Retail business: Many retail stores are now looking to use the IoT to drive profits. Intelligent video cameras, for instance, can help store managers capture purchase behavior and traffic flow. This information can lead to insights on consumer preferences, facilitating the creation of more impactful visual displays for merchandise, for example. Some businesses are also turning to geolocational services, which correlate with consumer devices to send targeted push notifications—with images—based on customer interests. With more visibility and perceptivity into daily operations, a business can gain a competitive edge.