Accenture Survey Wakes up IoT Market and Smartphone devices to Take Evasive Action

By CIOReview | Thursday, January 7, 2016

NEW YORK, NY: Accenture, a digital technology operation and consultant firm released a survey that pin-points the igniting growth in the consumer oriented IoT technology.

The survey focuses on three various aspects such as, strengthening of data security, decline in the demand for smart devices, and also on the stagnant growth in the Internet of Things (IoT) market are hindering the consumer electronics industry and will prevail over the coming year.

The research highlighted upon the above mentioned security concerns and privacy risks, and how it acts as a top barrier for the consumers, before buying an IoT device and service. Furthermore the survey reveals that 69 percent of the participating respondents believed that these products are prone to be hacked and can even result in stolen data or device malfunctions.

The sluggish demand for traditional consumer technology based devices also resulted in the decline of smart devices. “The slowdown in the consumer technology market is irrefutable, serious and global,” asserted Sami Luukkonen, Global Managing Director, Accenture’s Electronics and High Tech group. 

The poll also resulted in different opinions of the IoT device owners; one-third (37 percent) of which decided to be more cautious when using these devices and services; whereas 24 percent chose to postpone buying an IoT device or subscribing to an IoT service; The most shocking part of the result displays an astounding figure of 18 percent owners, who decided to call a quit on the personal usage of IoT devices and their services.

The survey also revealed dormant market for IoT devices provokes IoT market to be more vigilant. “Until the promise of IoT meets consumers’ expectations, the IoT market will remain more promise than profit and do little to reinvigorate the overall digital consumer market” explained Sami.