Household chores today take up the equivalent of an estimated $11 trillion a year in consumer time, a figure expected to reach about $23 trillion in 2025.It is estimated that smart appliances that can operate independently to complete tasks such as vacuuming floors and chopping food can reduce that workload by 17 percent.
Internet of Things (IoT) sensors and systems can greatly reduce losses to consumers from break-ins, fire, water leaks, and injuries in the home. Combining sensors, cameras, and powerful analytics, future IoT systems could sense when inhabitants are at risk and issue alerts to fire, police, or emergency services for prompt action.
By analyzing IoT usage data gathered from household devices, manufacturers could determine whether the consumer is a good prospect for upgrading to another model or might be inclined to buy another product or service. Based on how the customer is using one appliance, such sales opportunities could be worth nearly $5 billion per year.
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