IoT devices & solutions that are ‘nice-to-have’ for some… could actually be ‘need-to-have’ for others!
Consumer IoT – A tale of ‘nice-to-have’ vs. ‘need-to-have’
Consumer IoT products are akin to most other cyclic / discretionary product sets where the user’s purchase intent often has to pass the infamous ‘nice-to-have’ vs. ‘need-to-have’ test
Where Smart Bulbs are a ‘need-to-have‘
Being able bodied; I choose to get up -> walk towards the light switch -> turn it on/off -> move on to the next room -> repeat… that’s an additional 2 calories burnt towards that weekend pizza & double IPA (talk about motivation!)
As such, in my case smart bulbs in their ‘standalone form’ are a ‘nice-to-have’ IoT device (remote lighting)
But even the aforementioned simple task (turning on/off a light bulb) could translate into a monumental effort for many within the assisted living segment (elderly, limited mobility & disabled)
For the sizable assisted living population; smart bulbs (amongst other supportive IoT solutions) come as a blessing in disguise!
How sizable?
Did you know: ~17% of the G7 population are over 65?
According to OECD; typically developed countries alone seem to have a higher proportion of elderly dependents led by Japan & most western EU countries
Also, senior citizens are increasingly choosing to live independently in their own home… either voluntarily (personally choice) or involuntarily (lack of sufficient care facilities, cost prohibitive & other similar factors)
It is also estimated that ~10% (~650M people) of the total world’s population live with a disability of some kind
When it comes to consumer IoT solutions such as a smart bulbs; OEMs, retailers, wireless carriers & converged health-tech industries have before them virtually limitless opportunities… and not just from a profitability measure… BUT… to enhance the quality of lifestyle for our elderly & disabled
It is this growing (assisted living) segment that is most likely to benefit from connected IoT products such as smart bulbs
Additionally; emerged markets too are facing increasing challenges in provisioning of sufficient care; particularly to their assisted living population
How Smart Bulbs Help The Assisted Living
Value Proposition
There is more to smart bulbs than just being a novelty multi-colored lighting device
In it’s simplest standalone form, smart bulbs provide the assisted living segment with a relatively effortless way of controlling home illumination via automation (light sensor, time of day, et al.) and/or remotely (smartphone, voice, et al.)
Smart Bulbs – Part of Holistic Assisted-Lifestyle IoT Solution
Smart bulbs really shine (pun intended) when they are an integral part of the holistic assisted-lifestyle IoT solution designed to complement, simplify & manage the end user’s lifestyle and daily routine
Solution Design Paradigm
The holistic assisted-lifestyle IoT solution could be designed as an out-of-the-box solution(s) or bespoke solution depending on the situation & requirements
The solution design paradigm would typically include a mesh of IoT devices coordinating via myriad of connectivity / networking protocols and monitoring platform(s) specifically catering to the end user’s daily routine, activities and lifestyle
The end-to-end paradigm is completed with involvement of ‘human-care’.
– For example when a mesh of IoT devices sense if the user hasn’t moved in a while (abnormal), then the immediate relatives, on-call nurse, physicians and/or emergency care are immediately notified for further intervention
Success of such a solution; particularly healthcare, would necessitate partnerships between key value chain players including OEMs, Wireless Carriers, Insurance co. as well as broader health-tech industries – discussed in more detail previously (“Viable Connected Health solutions will require Partnerships”)
End User Solution Offering
Assisted living IoT solutions can be offered to end users as –
– Direct-2-Consumer (D2C): Via consumer-facing retailer channels (in-store /online) as an out-of-the-box assisted living IoT solution or select products thereof
– Govt. Health Programs: As a part of an existing govt. sponsored/subsidized public healthcare programs (medicare, veteran, etc.)
– Insurance: Private or public health insurance entities could either subsidize or fully cover assisted living IoT solutions as a part of their preventative healthcare initiative
and many more…
So…
Enabling assisted living segment with IoT based solutions has multiple benefits –
– Lowering strain on the existing healthcare infrastructure (e.g. aged care facilities)
– Reducing dependent care costs for the assisted living segment by sharing / transferring user monitoring related tasks with the aid of automated smart IoT solutions
– Providing a sense of independence, freedom & dignity (albeit complemented with the necessary care) to the assisted living segment who choose to live independently
Constant innovation within the fields of robotics, machine learning, AI, et al. specifically for this segment would help achieve a truly independent living experience for everybody in the near future
Forthcoming segments will explore the IoT solutions and design paradigm (devices, networking, platforms) in more detail
Stay tuned!
