Across enterprise and consumer markets, 2018 marks a significant shift in how the Internet of Things (IoT) impacts the digital economy. While it has been a favorite buzzword for experts and thought leaders over the past several years, it’s moving from the theoretical to the practical. In fact, IDC predicts that this year, worldwide spending on IoT will reach $772B. For consumers, the seeds for a massive connected-device ecosystem have already been planted, as they continue to embrace wearables and in-home assistants. The digital landscape is on the verge of widespread adoption of IoT, and according to the latest study from CSG, consumers are ready for what comes next.
To gain a better understanding of how IoT is currently impacting the lives of consumers, CSG recently polled 2,000 consumers across the U.S., U.K., Australia and Canada to ask for their perspective on how the IoT will shape the digital economy in the years to come. The study showed that today, 9 out of 10 consumers have some type of IoT device, with 47% specifically citing wearables as their device of choice. While wearables are currently the most popular IoT device among consumers, smart devices in the home are growing in popularity. The research revealed that 40% of consumers see the benefit of IoT in the home, and 49% specifically call out its potential in simplifying home-related tasks. In-home IoT will soon catch up to wearables’ adoption rate—which sets the stage for the next wave, smart cities. The more IoT permeates consumers’ lives, the greater value they see in investing in connected communities.
According to IHS, there will be 125 billion connected devices by 2030. Wearables, home-assistants, and smart cities will be built on a network which can support and improve the lives of everyone. For more information on the growth of IoT, check out Digital Evolution: How Consumers are Embracing the IoT, CSG’s latest infographic which maps the adoption of connected devices, and the projected impact on tomorrow’s economy.
Interested in the full findings from CSG’s survey? Read the press release in our newsroom.