2. Overview
Introduction
Smart home technology and their issues
Stakeholders and their role in smart homes
Results and conclusions
Future recommendations
3. Introduction
IoT evolved from M2M where there was point to point communication
to IP-Based networks where each device/thing is assigned an address
Internet of Things Market to Reach $1.7 Trillion by 2020: IDC
Cisco predicts the global IoT market will be $14.4T by 2022
McKinsey: The IoT has a total potential economic impact of $3.9 trillion
to $11.1 trillion a year by 2025
Smart home market is expected to grow from USD 46.97 Billion in
2015 to USD 121.73 Billion by 2022, at a CAGR of 14.07%
(MarketsandMarkets)
Google home, Apple Homekit, Amazon Echo are products that are
creating buzz in the home market with their products but Smart home
adoption is slower than expected.
4. Smart home technology and their issues
Smart home appliances that are helping to save energy,
provide home security, giving control to entertainment etc.
together make up a smart home.
IoT applications in home will have an impact of as much as
$350 billion/year (McKinsey)
Research firms predict that by 2020 we will be able to tap
full potential of smart homes
But smart home market is struggling to surpass early
adopter phase to mass market adoption
Security and privacy
Technology and its price
Interoperability
Organization and Talent
5. Smart home technology and their issues
Smart home products depend on protocols and
standards to interact with each other. These protocols
use mesh-network to interact with each other without
losing signal strength
Wi-fi, Bluetooth, ZigBee, Z-Wave are some of the
protocols used of which wi-fi is the most used
Different companies implement different protocols in
their product which make coordination between
devices difficult
Industry is divided in adopting any one standard as a
mainstream standard
6. Smart home technology and their issues
o Google Home, Apple homekit and Amazon Echo are
some of the products that are integrating smart home
appliances.
o Fragmentation of standards is what is causing Smart
home adoption slow.
o Every company is building products around their own
platform
o User finding it difficult to manage different apps for
different devices/products
o Without co-ordination between these devices almost
40% of the IoT potential is not used.
7. Stakeholders and their role in smart homes
Companies
Companies like Google and Apple have to think beyond their own platforms and standards to create an
environment where both can interact with each other
Traditional tech companies will no longer exist in IoT environment. They will have to think of how their
product helps other companies to generate and collect value from their data
Co-operation among different sectors and industry players is needed
Even manufacturer companies are changing design teams from mechanical engineers to software
engineers
Government
Government will have role in regulating privacy and security standards.
How much data will be shared by a company
Ownership of data
Consumers
Consumers will have to see what all permissions they are giving to manufacturers and service providers
8. Results and conclusions
To achieve interoperability, technological standard without any restrictions but with security
standards is hard to imagine
There are many companies working on standardization ranging from device side intelligence to
consumer analytics
IoT is not a mass market, so companies have to take seriously the small number of users who are
using IoT and should learn from them.
Organizations will have to fast adopt to changing environment
Trillions of data captured is being used only by the manufacturer companies and are not shared
9. Future Recommendations
IoT has not been into mainstream, manufacturers and service providers have to make it
financially viable and easy to communicate
IoT devices needs to be more robust and easily upgradable
IoT is in evolving phase and defining a standard at this point will take innovation away from
manufacturers
Open source platforms and inter-industry collaboration will nurture innovation and IoT will be
there for masses to adopt
Users need co-ordination between devices and should tell them before he/she even thinks of
Above all, standards in terms of interoperability, security and data needs to be put in place for
IoT to grow at its potential