For the purpose of the study, connected living represents tech-based aspects that are found in consumers’ everyday lives.The six sectors include: the connected home (smart meters), transport (on-demand car services), work (networking platforms), education, health (wearables) and entertainment (online streaming). The sharing economy especially has witnessed huge support in the UK with the launch of the Sharing Economy UK (SEUK) trade body back in March 2015. It governs the market and helps to develop legislation that will support and protect both businesses in the sector, as well as the consumers they’re trying to reach. One such development saw the body forge a partnership with Oxford University and the two organisations are working to develop consumer awareness and trust in the sector. Seemingly it’s these types of campaigns that has led PwC to calculate the UK will account for ?30bn of the connected living market by 2020. ?Up from around $215bn last year, the ?connected living? market will be worth $1 trillion globally by 2020, representing 29 per cent average annual growth over the period,? said Richard Boxshall, senior economist, PwC. ?The thinking about connected living inevitably focuses on technology, but that perspective should not crowd out the human factor. Changing attitudes and preferences are every bit as decisive as the technology platforms in shaping our future. In fact, it?s more likely to be people, not technology, that are the real disruptors.?
Read more on connected living:
- Matthew Hancock is ?on the side of disruptive tech? ? that includes Uber
- How IoT music startup Electric Jukebox won celebs, government and a powerhouse board
- Fitbit revenue lifts by 253 per cent to demonstrate value of wearable and health sectors
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