IoT: Are We Prepared for a Connected Future?

June 1, 2018

Content created and contributed by Worldpay.

Download the full report here: Connected Consumer Report.

The IoT Revolution

Until recently, technology was a tool: something that people consciously picked up or switched on to achieve a particular purpose. Today technology is increasingly embedded in every aspect of our lives. From wearable devices to chatbots, connected appliances to autonomous vehicles, we live in a world where technology is becoming less a tool, and more an integral, underlying network powering everything we do.

This revolution has been called many things, from ambient technology to the Internet of Things (IoT), but its unifying characteristic is the gradual encroachment of technology into traditional areas of human action and autonomy.

These technologies promise a huge range of transformational benefits for businesses and consumers alike, but it’s still important to understand how people feel about the rise of the machines and the impact it will have on their daily lives, our privacy and autonomy.

Worldpay Connected Consumer Report

In the summer of 2017, Worldpay commissioned in-depth research among more than 20,000 people across ten countries to find out how they feel about the advancements in connected devices and, specifically, how comfortable they are with its implications for security, privacy, & payments.

Overall, consumers welcome the convenience that connected devices are bringing to their lives, but the research uncovered some serious concerns over trust – particularly in the way data is harvested.

The findings have important implications for all manner of industries, from retail to travel, publishers to manufacturers. The benefits of the connected future will only be secured if industry can allay consumers’ legitimate concerns, and assure them that smart technology will add value to their lives – without having to sacrifice their security or autonomy.

Here are just a few of the insights gleaned from Worldpay’s study:

– Nearly half of U.S. consumers are comfortable with connected devices shopping on their behalf, new report finds.

– Globally, around two in five consumers have used connected home devices or services such as Amazon Dot or Nest thermostats (44%), or virtual assistants like Alexa or Google Now (41%).

– Thirty-five percent of consumers would “probably” or “definitely” consider using a virtual assistant to perform a simple task while 48 would allow a connected device to order something without asking. This number jumps to 62 percent for millennials.

– Half of consumers (49%) say that the convenience brought by smart devices add to their quality of life, compared to less than a quarter who disagree (24%).

– Three quarters (75%) are worried about a connected device being hacked, with only 7% saying they are unconcerned about this risk.

– Two in five consumers (41%) seeing value in chatbots or personal assistants that can automatically book travel tickets.

– Almost three quarters of users (72%) say they are worried about device manufacturers sharing their personal data – such as location data used to tailor advertising.

To learn more about the changing perceptions regarding the IoT and connected devices in the U.S. and around the world, download a copy of the full Connected Consumer Report.

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