In 2016, both Samsung and LG launched their models of smart fridges. Some people felt that was irrelevant to the consumer market.

Well, it was.

LG never even shipped its Windows 10 version of its LG instaview refrigerator. However, it is a different story today. Every home gadget and appliances are getting smart features. From door locks to mops, we are sticking chips into anything we touch.

IoT has changed the narrative in the industrial space. Companies are investing billions of dollars into R&D to ensure they stay relevant. Already, companies like general electric have been making billions of dollars in IoT-related revenue. In January 2014, Google acquired Nest, a company that sells smart thermostats and cameras.

However, most people get confused when they hear the term Internet of Things and even more confused as to how it relates to them.

So, what is the Internet of Things?

And how does it affect the home appliances industry?

Let’s find out.

What is IoT?

IoT is simply the connection of objects (electrical and mechanical) through wired or wireless network that connects to the internet.

The IoT revolution is here to stay and will continue to transform our lives in ways we never imagined. However, how will it affect the overall Home appliance industry as a whole? How would it affect the consumers and manufacturers alike?

Five ways IoT would transform the industry.

  1. Increase in Smarter Home Appliances: In the next few years, we should see an increase in the introduction of smarter home appliances. Even our everyday productivity tools are beginning to go smart. Like smart mop, smart doorbells, smart sewing machines, smart locks and even smart roofs. We should start seeing these smart appliances becoming increasingly popular amongst consumers.
  2. Improved Automation: With our appliances getting smarter, it means most things we do manually can be automated. We can easily monitor and maintain our devices. From smart thermostat to monitor our temperatures to smart lights bulb that changes colors with just a touch on our smartphones. Automating the way we leave is increasing on and daily basis and will continue to do so.
  3. Industry 4.0 Evolution: The Industry 4.0 describes a set of concepts that will drive the next industrial revolution. That includes all kinds of connectivity concepts in the industrial context. However, it goes further to include real changes to the physical world around us such as 3D-printing technologies or the introduction of new augmented reality hardware. This would lead to an increase in the already popular Industrial Internet (of Things) that is strongly pushed by General Electric. It goes beyond machine-to-machine since it not only focuses on connections between machines but also includes human interfaces.
  4. Increase in Competition: We are seeing a lot of competition from smaller companies trying to carve a niche for themselves. With the integration of Artificial Intelligence with IoT, this will continue and its only good news for consumers.

Less human interaction: This is true; Technology is destroying the quality of human interaction. With the evolution of social media and increased automation of everything around us, there is going to be less physical human interaction.