According to recent market study.
Australian consumers are set to become even more connected with the use of smart devices expected to rise by 124% as the average household amount grows from 13.7 in 2017 to 30.7 in 2021, according to Telsyte’s Australian IoT@Home Market Study 2017 report.
Telsyte estimates that the collective value of the IoT@Home market in Australia will be $4.7 billion by 2021, a sharp rise from the $377 million in 2016.
Telsyte believes intelligent features that use cloud-based machine learning beyond self-monitoring and user initiated outcomes will be the key to attracting and maintaining customers. For example, a voice activated hub that understands a regular behaviour and automatically prompts the user without being pre-programmed to give an alert.
Despite the expected rapid adoption, Telsyte research shows barriers such as concerns around cyber security and privacy will still need to be overcome. Half of Australians indicate they are concerned about security when “everything will be connected to the Internet in the future”, according to Telsyte’s survey.