Consumer interest in connected devices will increase over the next year, according to research from Accenture Interactive.
Currently, only 4% of consumers own a connected home Internet of Things (IoT) device, but by the end of 2015, this number is expected to reach 13%. More than two thirds (69%) of consumers say they plan to buy a connected home IoT device by 2019.
Acquity Group, an Accenture Interactive company, conducted the report, titled: The Internet Of Things: The Future Of Consumer Adoption. The firm surveyed more than 2,000 consumers across the U.S. to understand current adoption of connected devices, as well as potential barriers, overall perception of the technology and future implementation.
Acceptance and overall adoption of wearable technology will consistently trend upwards over the next few years. The total number of people who own a piece of wearable technology is expected to double from 7% to 14% by the end of 2015. Adoption will double again in 2016, reaching 28% by the end of the year.
Wearable fitness devices will play a key role in this adoption spurt. By 2015, 22% of consumers will either have or plan to purchase a wearable fitness device. Smart watches are the second most popular wearable, with 5% of consumers looking to purchase one within the next year.
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Consumers Are Still Largely Unfamiliar With IoT
Despite the proliferation of IoT devices, the majority of consumers (87%) do not understand IoT and what it actually means. As many as 64% of consumers have not purchased a connected home IoT device because they are unaware the technology is available; 40% of respondents also said they did not know wearable technology was available.
Beyond a lack of awareness, respondents had several issues with in-home IoT devices and wearable technology, including:
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A lack of perceived value;
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Privacy concerns; and
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Price concerns.
Mass Consumers, Millenials Accelerate Adoption
For the survey, Accenture Interactive also broke down respondents by gender, age and technology purchasing habits. For example, men (16%) are more likely than women (10%) to own or purchase an IoT in-home device by 2015.
Younger consumers, however, are more likely to adopt connected technologies in the future. More than half (53%) of Millennials 18 to 25 years old plan to purchase an in-home IoT technology device by 2019, compared to 32% of Baby Boomers who are 45 years and older.
Click here to access the full report.
