IoT is Completely Redefining the Consumer Electronics Industry

The integration of IoT in consumer electronics is moving at a phenomenal pace. The industry that was valued at US$ 44.46 billion in 2020 is now estimated to hit US$ 153.80 billion by 2028.

A range of IOT consulting and implementation services have taken this space to a whole new dimension which is likely to trigger the next wave of tech driven innovations. In a decade the sector has shifted from a ‘on-premise data center only’ model to the cloud.

How is IoT Connected to the Consumer Electronics Industry?

There are a number of reasons for this booming success of IoT in consumer electronics.

The integration between IoT and the consumer electronics segment started years ago. Manufacturers across the globe have collaborated with Industrial IOT providers to connect appliances and devices. With internet penetration and connectivity improving with every passing year, a window of opportunities opened up.

Today, the consumer aspires to live in a ‘connected home’ where appliances and devices will be connected and controlled via a secure network. There are various ways of connectivity available. IOT Gateway providers connect with technologies like Bluetooth, Z-wave, Zigbee and enable the device or appliance to connect with the cloud.

How Has IoT Transformed the Consumer Electronics Segment?

IoT in consumer electronics has benefited not just the consumer but also the manufacturer.

From a consumer point of view, the integration of IoT has completely changed how customers today engage and interact with the product.

From the manufacturer perspective, the interactivity and engagement generate a ton of data that provides insights and learnings in their consumer behavior and psyche. This knowledge comes in handy as they can use it to make the products and services better, more suited to the taste and expectations of their target audiences.

Moreover, manufacturers now have access to a new revenue source from IoT with consumer electronics integration. Subscription service have become common with health and fitness apps, movies and entertainment, and even education. The technology has stretched as far as integrating asset tracking monitoring which is extremely useful for eCommerce and logistics industries.

Key Benefits of Adopting IoT in Consumer Electronics

With more internet connectivity, computing power and sensors a lot of the human workload has been offloaded. This innovation offers a whole host of benefits. Let’s take a look.

Improvement in Product Quality: As IoT enabled devices and appliances continuously interact with their users, this generates a massive volume of behavioral data. Manufacturers extract the relevant insights and learnings from this data and use it to fine tune their products and services. This ensures that they are able to meet the demands and expectations of their consumers.

Personalizing Customer Experiences: By understanding consumer behavior that is pushed out via IoT devices, manufacturers can gain valuable insights into customer preferences. This data can then be used to offer consumers products and service recommendations that is aligned with their likes and preferences.

Control Devices Remotely: Consumer typically use IoT via their handy smartphones. This gives them the convenience of controlling their appliances and devices remotely via a range of dedicated applications.

The Sea of Opportunities Is Endless

What we see today is only the tip of the iceberg. With continuous innovations in this space, IoT will dominate the consumer electronic segment.

If your enterprise is exploring possibilities using this technology, then it is the right time to speak to a trusted IOT solution provider like MDS CS to find an offering best suited to your business.