If there is one aspect of the technological revolution that has genuinely evolved exponentially in the last few years, it is smart technology. This type of intuitive technology is considered to represent the first steps in bringing the Internet of Things (IoT) to life, and it has already begun to revolutionise the way in which homes are powered and secured in 2015. This is signalling considerable changes in the market, almost all of which are positive for consumers.
If you look at the technology market, you will notice that the pace of innovation continues to gather momentum with every passing year. If you compare the growth of social media and smartphone technology during the last decade with the length of time required to develop the desktop computer, for example, you will see a stark difference that underlines just how aggressive technological advancement has become in recent years.
Smart technology sits at the forefront of this marketplace, and is arguably evolving at a rate that is disproportionate to alternative sectors. The proliferation of this technology not only means that it is more widely available to consumers, but also that the range of available products and their number of applications continues to diversify. We have also seen the development of compatible smart devices and overarching hubs, which offer greater functionality, more impressive financial savings and enhanced ease of use.
If we accept that the proliferation of smart technology is creating a more purposeful and flexible range of devices, it is clear that customers will be able to benefit from greater choice and ultimately more efficient homes. Already, houses that have endured price devaluation following the global economic crisis and were in need of property rescue are now able to significantly improve the value of their biggest asset owing to a few household improvements.
There are other, less obvious benefits too, with one of the most prominent being a reduction in the retail cost of individual devices. As smart technology becomes more accessible and a growing number of firms compete for their share of their market, consumers are continuing to benefit from aggressive discounts and reduced prices.
This is underwritten by a rule that transcends individual markets and industries, as increased market competition also drives price reductions and improved deals for customers. The increased accessibility of smart technology is also impacting the cost of individual components, which in turn drives down manufacturing charges and is reflected in reduced retail price points. The bottom line is that customers are the big winners from the rapid rate of smart technology innovation, both in terms of range, choice and financial savings.
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