Some 50 percent of consumers who live in households with broadband services are willing to share Internet of Things data in return for electricity discounts, according to Parks Associates.
Those households with various “smart” appliances are favorable to the idea of a trade, Parks Associates found. The breakdown in favor:
- 51% of smart thermostat owners
- 50% of hot water heater owners
- 48% of owners of smart clothes dryers
“The real value from the Internet of Things will be derived from the data collected by smart products,” said Tom Kerber, Director of IoT Strategy at Parks Associates.
“In general, IoT industries agree that the consumer owns the data from smart products and that smart home solution providers are the stewards of the data. Given this reality, it is essential for all IoT players to understand consumers’ willingness to exchange data for services, their views on privacy and security, and the conditions under which they will grant access to their data.”
Other discounts of non-monetary value also are appealing to between 40-50 percent of these households, Parks Associates found.
“Consumers are more likely to share data for non-monetary value related to warranties, product improvements, product education, and remote technical support,” said Brad Russell, Research Analyst, Parks Associates. “They are less likely to share data to receive product recommendations or to simplify ordering consumables. For data-sharing programs to be successful, service providers and utilities need to ensure they are communicating value propositions that align with their consumers.”