Just about on a weekly basis, a new report is issued highlighting the rapid adoption of the Internet of Things (IoT). The trend of connecting devices to the network, in the home, office, and even city is exploding. But the reality is, we’re just getting started with the IoT trend and we may end up with virtually any device that draws electric power, from either a wire, battery, or directly from the sun, becoming a part of the IoT network. We’re talking hundreds of billions of devices. This has important implications for service providers.
In the home, consumers are embracing the digital home and that means IoT devices. The upcoming holiday season adds fuel to the consumer IoT fire. For example, the Consumer Electronics Association reported that consumers spent $96 billion during the last holiday season alone, with much of that spend going towards smart devices.
Leading the category were smart speakers, with CEA reporting 22 million units sold just during the last holiday season. That equates to a 44% increase. Similarly, 36% of consumers purchased smart home devices including aforementioned smart speakers, security cameras, smart lightbulbs and video doorbells.
This accelerating adoption of IoT in the home presents both challenges and opportunities. All these devices fuel more demand for broadband but could also increase service complaints and demands. By putting the right proactive network management pieces in place, service providers can detect customer experience issues resulting from the proliferation of the IoT and turn the challenge into a great opportunity. The result is a better customer experience, additional revenue opportunities, lower operational costs, and lower churn.
Beyond the home, a huge IoT opportunity exists with businesses as well. A study by Vodaphone discovered that 34% of businesses now use the technology and that 70% of those are beyond the pilot stage. Early results are encouraging – almost all of them — 95% are seeing benefits. Close to two-thirds (60%) report that IoT will completely transform their business. Small businesses will be looking for a partner to help guide them through this IoT transformation.
ETI can be your partner as you evaluate and execute an IoT strategy. We currently help our service provider partners manage over 15 million devices. Our Vision360 ACS platform is a proven IoT management tool, giving service providers confidence in their IoT future. Connect with us to talk IoT monetization strategy.