March 30, 2016
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The Internet of Things (IoT) is the next step in the evolution of wireless networks. Analysts predict the IoT will double in size to nearly 50 billion devices by 2020, comprising a $1.7 trillion market. One of the greatest opportunities still lies ahead in the form of the “smart home.”

 


What are the opportunities and risks that networked smart homes offer to society? Smart homes typically evoke visions of The Jetsons' robot maid or refrigerators ordering milk from Amazon, but they also offer possibilities for energy and cost savings, greater home efficiency through automation, as well as improved home security. Yet consumer confidence in many elements of the smart home is low, and safety and security risks appear to be rapidly increasing.

Greg Lindsay, Beau Woods, and Joshua Corman author the issue brief, Smart Homes and the Internet of Things, in which they explore the opportunities that networked homes offer to society, along with the commensurate risks they pose to security and privacy. The report offers recommendations for maximizing their value for homeowners while minimizing consumers' concerns, which may prevent or delay the smart home segment from achieving its market potential.
 
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