Parks Points

It is widely acknowledged that the real value from the Internet of Things will be derived from data collected from smart products. It is also widely acknowledged that the data from smart products is owned by consumers, and that smart home solution providers are simply stewards of the data.

Data is now a form of currency, which consumers can exchange for services. However, there is hesitancy to exchange, with two-thirds of consumers preferring to “keep tight control” over their smart home data. A similar percentage of consumers also believe it is impossible to keep data private. Over 40% do not trust companies to keep their data safe; 54% do not feel they get much in return for sharing data. This needs to change. Consumers will be much more at ease with connected products if they trust the companies that have access to their data and they believe they receive value in return.

It is vital for companies to understand how consumers value data and how different demographic groups may have different perceptions regarding the value of data. Data protection initiatives must be enacted and successfully demonstrated in action to foster trust between parties. This will serve to enable engagement from consumers with offerings that are derived from data, unlocking its immense value.