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Products that implement the Internet of Things respond based on IoT device standards, etc.

We are truly entering the era of the Internet of Things (IoT). While definitions may differ slightly, the ultimate goal remains the same: connecting IoT devices, communicating, and analyzing information to improve the efficiency of daily life and production.

So, what do people consider the "standard" for an IoT device? What defines an IoT device? Also, what is your outlook on the IoT business and what challenges are you facing?

E4ds News conducted a survey on the ‘Current Status of IoT Business’ targeting 120 participants who participated in the online live broadcast ‘Director Kim Hak-yong’s IoT Business Talk Talk’ held on February 25.

▲ IoT business survey respondents ranked smartwatches as the second best implementation of IoT.
<Photo is Samsung Electronics Gear>

Participants who responded to the survey gave honest answers about products that well implement IoT technology, standards for IoT devices, difficulties in IoT business, conditions for IoT business success, expansion period, and outlook.

First, when asked which product best implements IoT technology among the IoT devices currently on the market, 27.9% of respondents answered smart bands, followed by smart watches (20.2%), smart boilers (9.5%), remote power control devices (9.5%), smart lighting (8.7%), drones (7.7%), smart glasses (4.8%), and facial recognition cameras (4.8%).


▲ What is the ‘standard’ for considering an Internet of Things device?

If so, these products are called Internet of Things devices. What are the criteria you're considering? 24.6% of respondents cited IT integration as the top criterion, followed by user convenience (22.8%), internet connectivity (19.3%), data analysis (17.5%), and near-field control (15.8%).

What makes it difficult for IoT businesses to actually generate profits ? The most common reason cited by survey respondents was the market's untapped market (30.8%). High device prices (16.8%) and a lack of related technology (14.0%) were also cited as challenges. Other challenges included lack of consumer awareness (12.2%), inconvenient user experience (11.2%), and service pricing (9.4%). A lack of technical expertise and government support was also cited.

Next, we asked about when the IoT business will truly expand. 49.1% of respondents believed the market would fully open within two to three years. Even if this isn't the case, many expressed high hopes for within four to five years (43.8%) and seven to eight years (5.3%).


▲ In relation to recent IoT trends, what field do you think has the brightest future prospects?

Finally, regarding recent IoT trends, which sectors do you think have the brightest future prospects? Respondents identified wearable devices (17.2%) and smart homes (17.2%) as promising, while smart cars (15.2%), big data (13.1%), and intelligent sensors (11.7%) were also considered promising. This was followed by intelligent robots (9.7%) and drones (6.2%).

Meanwhile, detailed survey results will be provided to participants in the online live broadcast survey, and the survey results will also be shared during the live broadcast of 'Director Kim Hak-yong's IoT Business Talk Talk 2' to be held in May.