SiliconIndia Talks about why IoT segment is not catching up and how India is responding to subsequent after-effects
The survey conducted across 28 countries including polls from 28,000 consumers indicated that for nearly half (47percent) of respondents, security concerns and privacy risks ranked among the top three barriers to buying an IoT device and service. According to the report, “Security and privacy concerns have moved from being a nagging problem to a top barrier as consumers are now choosing to abandon IoT devices and services over security concerns.” Subsequently, the market expansion for traditional devices such as smartphones, tablet PCs, TVs, and PCs have gone flat.
IoT is a worldwide network of physical things such as identifiable devices, appliances and machinery of all forms and sizes, which can be connected to internet to collect and exchange data. In this network, smartphones function as the central point of IoT-based solutions where users have the ability to control and monitor the network of devices through their mobiles. In India, more than three-fourth of the consumers are familiar with the recent security breaches. And among these consumers, those that own or are planning to possess IoT devices in five years, 34 percent of respondents are determined to discontinue using these devices until they are assured of safety. These devices or services which once added value are now a source of risk.
The global market has also witnessed a nine-point drop in purchase intent for tablets apart from the six-point drop in purchase intent for smartphones and an eight-point drop in televisions and a 6 point drop for laptop computers. Collectively, this has resulted in 20 percent decrease in plan versus only 7 percent in 2014. This trend is impacting the overall industry.