A poll comprising of 28,000 consumers spanning 28 countries done by Accenture found that 47% of respondents rate privacy and security concerns are the biggest barriers in using IoT devices or solutions.
From a consumer point of view smart watches, wearables, hand held health monitors etc are some of the IoT enabled devices available in the market. Smartphones are the primary consumer device to use any other IoT enabled device or solution.
“Security and privacy concerns have moved from being a nagging problem to a top barrier as consumers are now choosing to abandon IoT devices and services over security concerns,” the report stated.
And just not the consumers, this trend is affecting the overall industry.
Among 75% of Indian consumers surveyed are aware of security breaches and hacking attacks. Around 34% of Indian respondents want to use IoT devices only when they get guarantee on security on these devices or solutions.
However, the growth of this industry, is set for rise.
“Consumer technology is more than a $200 billion market, highly profitable global industry with customers using their products extensively,” the report said.
But with evidence of stalling consumer interest in spending on both mainstay technologies and IoT devices, consumer technology companies must act now to ignite their next wave of growth, the report suggested.