Consumer IoT: A Novel Tool for Real-Time Data Analysis and Offering Personalized Services

Consumer Internet of things (IoT) or CIoT refers to an interconnected system of digital and physical objected that are used by consumers. These devices have unique identifiers to access several entities for multiple applications. Consumer IoT covers the user’s digital network of personal and home devices. As IoT devices are integrated with wireless technologies, it is easy to share consumer data without the direct involvement of the user.

Over the last few years, consumer IoT devices and their application have gained traction by tightly integrating them into people’s lives. Consumer IoT applications gained popularity due to their efficiency and ease of use. The majority of consumer IoT devices use edge computing technologies to enhance scalability and save power. Moreover, it improves machine-to-machine communication and data visualization. These devices have in-built Bluetooth, sensors, RFID, GPS, NFC, and internet connectivity to the user’s smartphone to capture accurate time and location.

According to Allied Market Research, the consumer IoT market is expected to reach $292.83 billion by 2030, growing at a CAGR of 13.9% from 2021 to 2030. High demand for connected and wearable devices, surge in growth of the wireless platform, and increase in the use of IoT devices in automotive drive the market growth.

Consumer IoT applications are divided into two segments: personal IoT and smart home IoT. Personal IoT covers devices such as wearables, smartphones, hearables, and other smart gadgets including smart clothing, smart glass, and smartwatch. On the other hand, smart home IoT refers to devices that include home automation products such as security systems such as face recognition and voice control, and smart kitchen gadgets.

Consumer IoT applications offer companies vital information that helps understand what is really happening instead of their assumption or hope of what would happen. The data collected by consumer IoT applications is essential for artificial intelligence (AI) and analytics systems to identify patterns of customer behavior. Furthermore, the use of consumer IoT to augment communication with customers will become a vital source of information to improve the product experience and consumer engagement. After the in-depth analysis of the data, organizations can establish personalized communication with customers.

Day-by-day, consumer adoption of IoT devices including smart home applications and wearable technology is increasing. What’s more, around 30% of consumers already own in-home IoT devices or at least plan to own them in the next two years. The advent of smart thermostats, smart refrigerators, and self-cleaning robots encouraged consumers to invest in such in-house IoT devices more than ever. Today, most consumers opt for wearable technologies that include fitness applications due to the rise in awareness regarding a healthy lifestyle. In fact, smartwatches are the second most popular wearable device and their sell is likely to increase in the future.  While the adoption of consumer IoT devices is still on a smaller scale, widespread adoption is inevitable in the coming year, which will open new opportunities for consumer IoT companies

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