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The Internet of Things (IoT) has completely revolutionized our lives, often without our awareness or knowledge. This cognitive gap is primarily due to IoT becoming a widespread phenomenon with numerous applications and technologies under its wing. In essence, consumer IoT or CIoT refers to the Internet of Things in the context of consumer applications, gadgets, and devices. It is this brand new frontier that IoT has evolved into, from being just a connective technology.
With connected devices continually monitoring and storing user movement, interaction, preferences, and behavior, the devices continuously learn, innovate and adapt to user actions. From digital social media platforms to customer interactions and transactions, the smart devices can perform in ways that optimize the customer experience, applying the collected user data.
As digitally connected consumers use social media platforms, perform online transactions, and use smart wearables, cars, and home devices, there is a whole new realm for businesses to understand and respond in real-time with personalized propositions and proposals.
The whole idea of Consumer Internet of Things is to continually gain consumer insights and implement the same in creating customized products and services. This data collection will also help in building a better vendor-customer relationship that will be beneficial for both the sides. Analysts have already reported an estimate of record-breaking 20 billion connected devices in use by 2020 worldwide. With Microsoft’s plans to invest 5 billion dollars in the IoT industry, the consumer IoT frontier will grow manifolds in the coming years.