The Internet of Things (IoT) has affected and continues to create an impact on our daily lives already.  We, as consumers, however, have not noticed this change. From smart watches and health monitors, to personal asset tracking devices, we have been using the IoT for a few years now. According to this latest publication from Meticulous Research®, the industrial IoT (IIOT) market is expected to grow at a CAGR of 16.7% from 2020 to 2027 to reach $263.4 billion by 2027. 


However, what is missing right now, is not the technology or the frameworks – both of which are expanding rapidly. It is the lack of focused solutions that create a real, positive impact on our daily lives. The products and gadgets that leverage the current IoT are only “nice to haves”. There is the potential to create solutions to real problems consumers are facing right now with the technology that currently exists. Industry gurus say that the lack of interoperability standards is the greatest barrier to making this happen. I believe that need not be the case.

  1. There are products like Canary and SimpliSafe that keep our home and belongings safe when we are not around. It is not a stretch to believe that this could be used to ensure safety for seniors when they live or travel alone. Not just tracking them, but enabling communication and real-time interaction when the need arises.
  2. Losing a wallet or a e-Reader – both “dumb” objects that are not electronically trackable in the real sense, makes us realize that a location aware attachment to these objects could help give us peace of mind.
  3. What about parking? As urbanization grows and cities get larger and more crowded, finding a parking spot on a busy street is next to impossible. A network of devices that would allow you to quickly find a parking spot would be a luxury.The dirty secret behind the Internet of Things (IoT) is that it is an existing concept repackaged to appeal to the mass market. Instead of building toys that appeal to the hipsters among us, it is time for solutions that work for us, rather than the other way around.

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