Oren Levy is CEO of Zooz.
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The Internet of Things (IoT) has metamorphosed over the last few years. In the future, its applications will no doubt impact industry, urban development, healthcare, agriculture and other major ecosystems. Gartner projects there will be 6.4 billion connected things in use worldwide in 2016 (a 30 percent increase from 2015), and that the market will grow to 20.8 billion by 2020.
While IoT will undoubtedly affect all sorts of global infrastructures, one of its prime applications is within the private home. By definition, a “smart home” is a house that incorporates advanced automation systems to provide the inhabitants with sophisticated monitoring and control over the building’s functions. A smart home may provide its owners with control of lighting, temperature, multi-media,window and door operations and security, as well as the ability to automatically replenish various supplies.
True replenishment automation depends on the manufacturer’s ability to incorporate secure payment options within a preset refill process, enabling the system to complete the entire acquisition cycle without any user involvement.
Smart payments for smart appliances
Several smart devices displayed at the recent CES show in Las Vegas feature the ability to replenish and pay for supplies automatically. For example, Samsung’s Family Hub refrigerator features an LCD screen that doubles as a communication centerthat can connect to Bluetooth wireless speakers. Three interior cameras capture images every time the fridge door closes, thereby enabling it to take stock of its contents and transmit them to the user’s smartphone.
Consumers can select their needed items from various online grocer and key integration partners. The final shopping list is secured with a four-digit pin. Items are then paid for in a simple, single checkout experience that accepts U.S.-issued credit and debit cards.
What happens if the Internet is down, your Wi-Fi is iffy or your Bluetooth isn’t working?
Amazon Dash embedding enables Whirlpool’s 2016 line-up of dishwashers, dryers and washers to order necessary supplies when you are running low. Amazon Dash buttons connect users with specific brands. For example, if you place an Ariel-branded Dash button on your washing machine, you can refill your laundry detergent with products from a given supplier. Users can connect the Whirlpool app to an Amazon account, enabling automatic payment capabilities.
Your bright future might well contain a super cool synergy of Star Trek, Star Wars, James Bond and the Jetsons, with cars that fill up an empty tank and pay for gas automatically, not to mention sophisticated bots that can handle all of your shopping errands, from list preparation to finalizing payments. And maybe there will be spaceship shuttles with prepaid debit cards, too.
So what could possibly go wrong?
What could go wrong, you ask? As it happens, quite a lot.
For one thing, many of today’s smart appliances (like the Samsung refrigerator and the Whirlpool dishwasher) only enable consumers to hook up with certain suppliers, limiting you to their products, payment methods and price ranges. By hooking up automatically, you are actually depriving yourself of the option to search for timely special offers or use different payment options.
Another problem is that many of these smart systems rely on Internet connection, Wi-Fi or Bluetooth to place and pay for orders. Several questions arise, like what happens if the Internet is down, your Wi-Fi is iffy or your Bluetooth isn’t working?
Say your appliance placed an order but didn’t have the chance to complete the payment — does your appliance remember that? What if the system fails in the middle of the payment process? How do you know if the payment actually went through? Will the appliance stop washing dishes or doing laundry because it is connected to external systems that are currently disabled?
Unless there are clear answers to these questions, what was supposed to be a really exciting convenience for homeowners may turn out to be a colossal headache that needs constant user attention.
Security is another major consideration. Many consumers are still hesitant about various evolving disbursem*nt methods, such as mobile payments, due to their fear of cyber breaches. One ongoing concern is that fraudsters will be able to hack intoappliances’ systems and gain crucial payment data, such as credit card numbers and PINs. Even more frightening is the possibility that cyber attackers will be able to penetrate smart security systems and virtually unlock a home’s doors and windows.
The smart home: “nice-to-have” or “must-have”?
Will the self-replenishing home take off in a big way or will it remain a “nice-to-have” option for techie geeks? Smart appliances must offer households real added value and complete peace of mind when it comes to usage, easy and secure payments and system reliability. Otherwise, the typical household is likely to feel much more secure and better off in their old-fashioned “dumb home.”
FAQs
As per a recent study by Grand View Research, Inc., the global smart home automation market is expected to have an annual growth rate of 27.3% from 2023 to 2030 and AI will play a vital role in the market growth during the future.
What is the future scope of smart home security? ›
The future of smart home security is really promising and exciting. We may expect to see ever more complex and powerful smart home security systems as technology progresses. These systems will include stronger security cameras and sensors, AI-powered security systems, and a number of other cutting-edge features.
What is the conclusion of smart home? ›
Conclusion. Smart homes present a host of advantages that enhance convenience, energy efficiency, security, and accessibility. The ability to control devices from anywhere, customize the living environment, and improve home security are significant benefits that smart home technology brings to homeowners.
Are smart homes worth the money? ›
Is a Smart Home Worth It? It can be. You must do the research to determine whether the potential convenience, added security, and cost savings over time outweigh the cost to install a full home system. Consider using individual smart home products first to learn how well they fit your lifestyle and budget.
How much can a smart home cost? ›
For a basic home automation system that includes control of lights, fans, and AC, the cost can range from Rs. 50,000 to Rs. 1 lakh. However, for a more advanced system that includes home security, home theater, and other smart devices, the cost can easily go up to several lakhs of rupees.
Why AI is the future of home security? ›
The emergence of AI-powered smart locks has revolutionized home security systems, reshaping how we control access to our homes. With advanced biometrics technologies, such as facial recognition and fingerprint scanning, the need for physical keys becomes a relic of the past.
Are smart home security systems worth it? ›
Having a home security system can actually cause your homeowner's insurance to decrease in price. Insurance companies see having a security system as an effective deterrent against theft. For this reason, they will often charge you less to insure your property.
What is the expectation of a smart home? ›
A Home that adapts to you
So all in all, by connecting all home devices and bridging it with other technologies, Smart Home creates an interactive environment that adapts to you.
Does a smart home save money? ›
It can also help you manage and reduce your energy consumption. Smart home energy management systems perform certain actions automatically, in a way that is designed to reduce energy costs while being tailored to meet your specific lifestyle needs.
What is a negative impact of smart homes? ›
Smart homes are energy-efficient, customisable, and convenient; however, they have downsides like high cost and internet dependence.
Smart homes save energy
These homes save energy by keeping track of which rooms you use and when you use them. For example, a smart thermostat can control the heating and cooling of your home. They can also measure temperatures so you can have efficiently known how to heat your home.
Why are smart homes the future? ›
One of the most significant benefits of IoT in smart homes is the enhancement of security and safety. Smart security systems, including connected cameras, motion sensors, and smart locks, provide us with real-time monitoring and control over our homes' security.
Is smart home good or bad? ›
Increased Security: Home automation can also enhance your home security. With a smart home security system, you can monitor your home and receive alerts if there is any suspicious activity. You can also control your security cameras and alarm system from your smartphone.
What is a smart home short answer? ›
A smart home refers to a simple home setup where appliances and equipment can be operated remotely via a smartphone or networked computer from anywhere with internet access.
What is the rise of smart home technology? ›
In recent years, smart home technology has catapulted into the mainstream, transforming the way we interact with and experience our living spaces. From intelligent thermostats that learn our preferences to voice-activated virtual assistants that control our lighting, the possibilities seem limitless.
Is the smart home market growing? ›
The global smart home market size was evaluated at USD 98.05 billion in 2023 and is expected to be worth around USD 581.85 billion by 2032, growing at a CAGR of 21.88% from 2023 to 2032. The growing adoption of smart devices in homes with rising disposable income is boosting the growth of the smart home market.
What is the future of AI in homes? ›
Artificial intelligence will play a pivotal role in this effort by using data—including grid data, smart meter data, weather data, and energy use information—to study and improve building performance, optimize resource consumption, and increase comfort and cost efficiency for residents.
What is the current situation in Smarthomes? ›
South Africa lags behind the world in smart home ownership, with a 23% gap between South African and global consumers when it comes to embracing the use of internet-connected devices to enable the remote monitoring and management of appliances and systems.
