To begin with, we attempt to answer the most fundamental question: what do consumers generally look for in a home-based IoT setup. This forms the basic premise for strategizing the monetization and revenue generation aspects with regard to the IoT. We believe that ease of use, privacy, security, and economic viability are the key considerations an organization should be guided by, when deploying a home-based IoT environment.
Having identified these, we move on to the challenges in realizing such a network of interconnected devices, from the point of view of the various stakeholders.
On the technical front, organizations should look at easily deployable and configurable devices to ensure a hassle-free usage by consumers. Another aspect is to effectively manage the large volume of data that these interconnected devices generate, and more importantly, be able to give a context to the exabytes of data that get generated.
For equipment manufacturers, this means being comfortable with the prospect of having to share their data, may be even with competitors. For the end users, it’s all about how easily they can manage this network, since there emerges the likelihood of lower adoptability due to a number of different apps for different tasks, which may hinder usability. In addition, organizations need to be mindful of ensuring compliance with the regional laws with respect to use of the personal data of users.
In addition, the paper also discusses the various hardware and software pre-requisites for a home-based IoT setup. Read more to understand what’s in store for the home-based IoT space and what should companies do to drive maximum revenue from this opportunity.
Also, suggest reading a previous paper by the same author, 'Realizing the Promise of the Internet of Things', which discusses the technical nitty-gritty of the Internet of Things and its various nuances in detail.