A recent Intel Security survey shows more than half of global respondents (54 percent) are willing to share personal data from their smart home appliances in exchange for cash, while 70 percent are satisfied to trade data with coupons or some form of discounts.
The "Internet of Things (IoT) and the Smart Home" survey has interviewed 9,000 people from nine participating countries – Australia, Brazil, Canada, France, Germany, India, Mexico, the United Kingdom and the United States.
While it's interesting to note that Millennials are more open to the idea of selling their private data compared to other generations that were sampled, majority of the participants (77 percent) are receptive to the idea of smart home technologies and believe that smart homes usage will grow exponentially by 2025. A large number of respondents (66 percent), however, have similarly expressed concern over potential security threats and cyberattacks.
"Smart homes and their associated data have the potential to improve consumers' everyday lives," said Steve Grobman, chief technology officer for Intel Security. "The survey shows that many individuals would be comfortable sharing their data for a price, but they are still understandably concerned about cyberthreats. Security has to be foundational to the Internet of Things and when done right, it can be an enabler of IoT."
Stricter security feature is an obvious solution against possible hacking but 75 percent of respondents say remembering a number of passwords to manage their smart homes make them feel anxious. The survey suggests more users prefer biometric security; 54 percent are comfortable with fingerprints; 46 percent are comfortable with voice recognition; and 42 percent are comfortable with retinal scans.
Despite cybersecurity fears, a huge chunk of respondents (75 percent) are still willing to risk their personal data and avail of smart home technology because they believe that it will offer them greater benefits such as reduced electricity bills, lower heating and cooling costs, and a greener home.
The latest report from the Atlantic Council shows that the market for IoT products will skyrocket to $1.7 trillion worldwide by 2020. Consumer interest in energy-saving thermostats, smart kitchen appliance, smart lighting and wearable devices are also steadily growing.