New research for TRUSTe released today, shows that consumer privacy concerns (#iotprivacy), could hinder the growth of the Internet of Things (IoT) market.
The research findings in the U.S. and Great Britain reveal that 59% of U.S. internet users and 47% of British internet users know that smart devices, such as smart TVs, fitness devices and in-car navigation systems can collect data about their personal activities.
A Gartner study recently predicted that there will be 26 billion connected devices by the year 2020, but our latest research shows consumers want more information and controls before purchasing or using a smart device. When asked, 85% of U.S. internet users compared with 83% of British users would want to understand more about data being collected before using smart devices. Additionally, 88% of U.S. internet users and 87% of British internet users would want to control the data being collected through smart devices.
83% of U.S. internet users and 84% of British internet users were concerned about the idea of information collected through smart devices and 87% of U.S. internet users compared with 84% of British internet users are concerned about the type of information collected by smart devices.
Despite the promise of the Internet of Things to offer consumers, and society in general, huge benefits including connecting cars, appliances and mobile devices to deliver convenience and personalized services, they are still concerned about their privacy risks. Only 22% of U.S. internet users and 18% of British internet users felt that the benefits of smart devices outweighed any privacy concerns. Privacy concerns could be a barrier to growth, impacting business opportunities that stem from the IoT landscape such as delivering personalized, value-added services.
It’s clear that the IoT is changing the privacy landscape and relationship that consumers have with technology and their data. As a leader in privacy, TRUSTe is bringing together experts from across the industry to discuss this next generation of privacy solutions.
Join us at the Internet of Things Privacy Summit on July 10th (#iotprivacy) in the heart of Silicon Valley where privacy experts, policy makers and innovators will come together to align privacy considerations for consumers with the continued technology services innovation in the interconnected world.