How IoT will unlock smart living’s limitless possibilities that lie in our imagination
- Smart home industry – valued at US$826 million in 2019 – is expected to be worth US$3.28 billion by 2027
- Sharp growth in number of IoT appliances puts need for uninterrupted and reliable connectivity in limelight
As we enter the era of the Internet of Things – the network of everyday physical objects embedded with sensors, software, and other technology that can send and receive data from other computing devices over the internet – the global smart home industry is seeing exponential growth.
This market, which was valued at US$826 million in 2019, is expected to be worth US$3.28 billion by 2027, market research company Verified Market Research reported in June.
“IoT is about taking the existing products that are already there and making them better,” Daniel Cooley, chief technology officer at Silicon Labs, an American tech service provider, said.
“It’s about trying to make [the existing products] better, based on context, preferences and what you want to do with them.”
Technology helps spark smarter living
Intelligent refrigerators already keep an inventory of their contents and send out phone alerts when certain items are running low, while smart mirrors that keep stock of the clothes in your wardrobe, and make recommendations about what to wear when you are going out, are no longer a new concept.
