Changes are on the way at home and work as disruptive technology ‘connected living’ startups impact on our lifestyles, according to business consultants.
The market for connected living – sometimes called the ‘internet of things’ – is the focus of a study by consultants PwC.
The firm estimates connected living is a market that will grow to $1 trillion worldwide by 2020 and that British firms can grab a £30 billion share of that cash.
Where connected living hits home
The research covered six markets –
- Connected homes – covering products such as smart meters, smart appliances and other devices that connect to a remote control hub across a Bluetooth or wi-fi network
- Transport – The growth of online car sharing platforms
- Business – Platforms for networking
- Education – How online learning is changing the delivery of knowledge
- Health – The development of mobile or m-Health, which enables smartphones and other devices to collect medical data remotely for doctors
- Entertainment – Sharing and streaming platforms
PwC explains these six sectors are touch points in lives and the internet of things explains how technology can shape how people can live more connected lives.
Richard Boxshall, a senior economist at PwC, said: “Businesses that can successfully exploit one or more of these six sectors can expect to see earnings grow significantly by 2020.
“We have worked out that connected living will see growth of nearly a third in that time.
“Connected living focuses on technology, but people and businesses are changing the way they live and work as well and both the human and technology factors are adapting to each other at a faster and faster pace.
“Many call the technology disruptive, but often it’s the way people shape the way we use technology that is the real disruptive influence.”
The survey also found that 30% of people are attached almost 24/7 to technology via smartphones, games consoles, tablets and other devices, putting technology at the centre of their lives.
“Some businesses have already undergone a revolution, especially in entertainment where traditional business models have all but disappeared in favour of streaming games, TV and music rather than buying physical products,” said Boxshall.
“Change is coming to a lot more industries and those companies that survive will be the ones that can make the most of interacting with customers in new ways.”