Through a special arrangement, presented here for discussion is a summary of a current article from Retail TouchPoints.
With many such items hyped at the Consumer Electronics Show that wraps up Friday in Las Vegas, Acquity Group recently issued a report predicting that 69 percent of consumers plan to buy a connected home IoT device by 2019. Currently, only four percent own such as device.
The report, The Internet Of Things: The Future Of Consumer Adoption, was based on a survey of more than 2,000 consumers across the U.S.
The survey also predicts that 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 seven percent to 14 percent by the end of 2015. Adoption is expected to reach 28 percent by the end of 2016.
Wearable fitness devices will play a key role in this adoption spurt. By 2015, 22 percent of consumers will either have or will plan to purchase a wearable fitness device. Smart watches are the second most popular wearable, with five percent of consumers looking to purchase one within the next year.
Despite the proliferation of IoT devices, a wide majority of consumers (87 percent) do not understand what IoT actually means. As many as 64 percent of consumers have not purchased a connected home IoT device because they are unaware the technology is available; 40 percent of respondents also don't know wearable technology is available.
Beyond a lack of awareness, respondents had several issues with in-home IoT devices and wearable technology, including a lack of perceived value, privacy concerns, and price concerns.
Younger consumers, however, are more likely to adopt connected technologies in the future. More than half (53 percent) of Millennials 18 to 25 years old plan to purchase an in-home IoT technology device by 2019, compared to 32 percent of Baby Boomers who are 45 years and older.
Among genders, men (16 percent) are more likely than women (10 percent) to own or purchase an IoT in-home device by 2015.
The U.S. Consumer Electronics Sales and Forecasts, the semi-annual industry report released by the Consumer Electronics Association (CEA) on Monday, projected that emerging product categories — including 3D printers, 4K Ultra-High Definition televisions, connected thermostats, unmanned systems (unmanned aerial vehicles, unmanned vehicles and home robots), IP cameras and wearables — would grow 108 percent year-over-year in 2015. Combined revenues in those categories are expected to reach nearly $11 billion in the U.S., representing less than five percent of overall consumer electronic sales.
"Our forecast underscores that consumers' love affair with technology shows no signs of slowing any time soon," said CEA President and CEO Gary Shapiro.