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Cisco Survey Reveals Divide Between IoT Value and Trust | |
Posted: Tue Dec 12, 2017 03:43:16 PM | |
Businesses Need to Address Consumer Trust Issues to Increase Confidence and Accelerate IoT Adoption San Jose – Cisco (NASDAQ: CISCO) today announced the findings of its first IoT Value/Trust Paradox report, based on a survey of 3000 consumers, designed to provide businesses with actionable insights on how to increase consumer confidence in and adoption of Internet of Things (IoT) services. The survey results show that, while most consumers believe IoT services deliver significant value for them, very few understand or trust how their IoT data is being managed and used. This conclusion has revealed an interesting paradox: despite their lack of trust in IoT data security, consumers on the whole say that they are unwilling to disconnect from IoT services, even temporarily. These findings indicate that we are approaching the point of no return at which consumers irrevocably commit to IoT being an integral part of their lives. IoT is becoming so deeply integrated into consumers’ daily experiences that it is easier to tolerate uncertainty and risk than to disconnect. While the survey reveals that consumers are willing to accept risk and trade off value for trust, they do so reluctantly. Their desire for transparency and visibility into how their data is being used remains strong. Companies that can resolve the paradox for their customers have the opportunity to accelerate and sustain the growth of their IoT businesses. The data
“As more companies build their businesses around IoT services, they need to first understand the importance of educating customers on how they are using their data to deliver new, valuable services that will enhance their lives,” said Macario Namie, Head of IoT Strategy at Cisco. “Consumers are asking for more visibility into IoT data practices, and to increase transparency around your IoT data governance and management, you first need to be able to determine who gets what data, where and when. Today’s IoT platforms solve for this problem and can give you the ability to enhance consumer confidence and trust, which can lead to greater adoption of your IoT services.” The Cisco® IoT Value/Trust Paradox report recommends that businesses use these insights and implement the following steps to address the gap between value and trust in IoT:
For the complete study, including all data and additional business insights on what businesses can do to increase consumer confidence and accelerate the adoption of IoT, download the report here. |