Published on 02/28/2017 | Market Sizing
Smarter cities start with smarter, more connected citizens. And several recent IoT developments are providing plenty of opportunities for citizens and consumers to get connected with the world around them.
Wearables such as fitness trackers are allowing users to access public transportation systems by simply displaying their wrists to pay for their rides. In the fashion world, a line of connected handbags are helping both consumers and designers stay on top of the latest trends. The February Intelligence of Things (IoT) Tracker™ shines a spotlight on how these advancements are not just offering a more seamless purchasing experience for consumers, but are also offering companies and developers better insights into user behaviors and helping both consumers and devices become more intelligent along the way.
With greater connectivity comes greater opportunity for companies and consumers to learn from one another.
Take fashion designer Rebecca Minkoff, who recently launched a connected handbag that aims not only to help users carry their stuff and look fabulous, but also to help the company stay on top of the latest fads by continuing to connect with consumers after a purchase is made. Meanwhile, IoT connectivity is also expanding into household appliances, as NCR and Freshub debuted a smart kitchen solution that allows users to order groceries from a preferred retailer using hand gestures and voice commands. The two companies believe the move is necessary as consumers are increasingly expecting greater connectivity from their products.
But the push to increase connectivity between users and networks is also creating security challenges. Recognizing that more connections mean more opportunities for devices and networks to get compromised by hackers, several companies are investing heavily in boosting security for the IoT ecosystem. To tackle these challenges, several major tech and telecom companies – including AT&T, Nokia and IBM – have partnered to form the IoT Cybersecurity Alliance to research and develop solutions to emerging IoT threats. Another partnership between Verizon and Qualcomm Technologies is focused on helping companies develop IoT solutions that can be used in automation, wearables and smart cities.
Speaking of smart cities, several major metropolitan areas around the world — from New York to Dubai to Singapore — are ramping up efforts to offer IoT connectivity to their residents. In London, a partnership with Mastercard has integrated contactless payment solutions into the city’s public transportation system. For the February edition of the IoT Tracker™, PYMNTS spoke with Ian Slater, senior vice president of enterprise partnerships for Mastercard, about how integrating IoT solutions is helping citizens and city leaders transform their communities into smart cities.
Click here to download the PYMNTS Intelligence of Things Tracker report.
