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Smart Home Innovations Pave the Way for IoT Business Opportunities

Smart Home Innovations Pave the Way

Technology is always innovating and it is now a bigger part of our lives than ever before. Most of us interact with a variety of different pieces of technology every day, whether it is our smart phones, our Google Home, or any other technology you might use or have in your life.

However, not only are we interacting with these smart devices, but many of them are actually interacting with each other. The Internet of Things (IoT) has taken off in recent years and soon there will be billions of different devices connecting with each other.

Not only is this great for users and consumers, it also opens up a ton of business opportunities for companies or products looking to become involved with IoT. This article will take a look at how smart devices and technologies in the home are paving the way for many new business opportunities.

Smart Lighting

We have all been there—you’re on the way to work when you have the sudden realization you might have left all the lights on, which is wasting a ton of power. However, with smart lighting, all you have to do is check an app. Not only that, but smart lighting can allow you to automatically have lights turn on when you enter a room, and turn off when you leave.

Also, because many lights like this are controlled by an app, you can often change the brightness, tone or even color of your lights, depending on the bulb, app and brand you use. With these already popular, look for more companies to innovatively enter the fray and try to capture some market share.

Smart Home Insurance

In addition to streamlining our lives, smart devices can change how the industry of insurance helps to protect our homes. Smart devices collect and store a ton of data about their users’ behavior and habits, and learn about the various risks that exist in those habits.

The insurance industry can use this information to help understand what types of claims a certain person might make, though some might be reluctant to use them in their homes. These types of devices will help insurance companies get ahead of claims before they happen, saving them a lot of time and money. We could potentially see insurance become proactive instead of reactive.

Smart Safety and Security

Our privacy and security is a huge concern and is something all of us need to pay attention to. Especially with all these new connected devices powering our homes, we need to ensure our data and the devices themselves are safe. Companies will likely come out with products or innovations all about keeping our connected devices safe.

But in addition to protecting the devices, IoT solutions can keep us safe as well. A connected home can use IoT to detect problemed events and send alerts both to us and emergency services. This can be done through cameras, microphones, various sensors and more.

Smart Home Apps

There are already billions and billions of IoT devices out there, and that number is projected to skyrocket in the future. While this is great, it can also be a hindrance. This is because you often need a separate app for each device, and these apps can begin to pile up the more devices you have.

As a result, look for “all in one” smart home apps to become more popular, as they can provide a single app to control many different devices. While there are some out there, look for 2018 to be the year where many more come into existence as companies try to make projects and technologies that hope to streamline our lives in an even larger way.

Published: March 23, 2018

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Hellen McAdams

Hellen McAdams is the chief strategist at Marketee.rs. She loves a good digital marketing and business development strategy, and isn’t afraid to ask questions every day to keep up with the industry’s trends. If you have any comments or questions, shoot her a question at @hellen_mcadams.

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