Only five per cent of the baby boomer generation knows what IoT is and what it can do
The Internet of Things (IOT) still has some way to go before the public understands what it is. Research from digital research agency Harris Interactive revealed only 11 per cent of around 1,000 adults questioned were ‘very familiar’ with IoT, with only five per cent of ‘baby boomers’ knowing about the technology.
The latest findings were presented at a Connected Insight event hosted by Assurant, a global provider of risk management solutions.
They showed that mobile banking was growing vigorously with three fifths (60 per cent) of those familiar with mobile banking using this application compared with over a half (56 per cent) in 2016.
For most consumers the opportunity to save money is driving interest in smart products. Around 13 per cent are interested in smart products to reduce energy consumption, and nine per cent use it to help stay connected on the go.
Despite the uptake in smart products, IoT has a weak resonance with the public. Only 11 per cent of the UK are ‘very familiar’ with the idea this year, compared to 13 per cent in 2016.
Unsurprisingly, UK millennials are most aware of the Internet of Things’ compared to only five per cent of baby boomers.
Although the cost of a smartphone is increasing, the research shows that around 61 per cent of users are still looking to change to a new model every one to two years.
A third said they would consider additional monthly payments in order to get the latest model. The research also reveals a change in consumer acceptance when it comes to smart products, with smart innovations now being viewed as standard.
Uptake in smart products has been driven by convenience for over half of users (56 per cent), followed by the chance to make life easier for over two fifths.