IoT – The idea of automating homes and businesses to make them smarter isn’t new. For decades, pundits and vendors have touted everything from automated light switches to connected thermostats and smart refrigerators. At this year’s CES, a wide range of smart objects made their debut, including a smart dispenser that gives treats to dogs when no one’s around, smart toilets, a kitchen touchscreen that responds to voice commands via Google Assistant, and a self-cleaning litter box.
As innovative as these home-friendly products are, they don’t provide the value and impact delivered by smart objects for business. Emerging technologies such as artificial intelligence (AI), blockchain and the internet of things (IoT) have redefined the business landscape, and the IoT evolution has pushed the smart business model to a tipping point.
Connected devices and services are no longer just ideas that will have value someday. They’re here now, and they encompass ecosystems of sensors, devices and other products that work together to solve business problems. In fact, Gartner predicts that by 2020, there will be 20.4 billion IoT devices.
Awareness of these smart devices and networks is growing. We at PwC found that 81% of U.S. internet users are familiar with the concept of smart devices and the connected home. In addition, 77% have already installed smart home devices or think they will in the future. And we’re moving from awareness to impact, as 30% said they cannot live without smart devices.
This article originally appeared on forbes.com. To read the full article, click here.
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