Connected living market set to be worth $1 trillion worldwide in five years’ time, and £30bn in the UK
The connected living market – where technology is used to foster better connectivity between people – could be worth $1 trillion globally by 2020, according figures released by PwC today.
The professional services firm also predicts that the market, which includes devices like smart meters for homes and online platforms for professional networking, could be worth £30bn in the UK in five years’ time.
Richard Boxshall, senior economist at PwC, said: “The thinking about connected living inevitably focuses on technology, but that perspective should not crowd out the human factor. Changing attitudes and preferences are every bit as decisive as the technology platforms in shaping our future.”
PwC also pointed out that people’s adoption of smarter technology was affecting business, although by how much varied by sector.
“Change is coming to all industries,” Boxshall added. “As we reach what may be tipping points for those sudden and decisive changes, businesses need to prepare for the new, more direct relationships with consumers – and develop capabilities and skills that look very different from those they operate with today.”