Privacy, Cybercrime, Cost: What Factors Are Affecting Smart Homes and Products the Most?

We are living in a tech age where virtually every single thing we have ever wanted to do has ended up becoming far easier than it was previously if you think about it. Part of this has to do with smart products, and if the ad spends from both Google as well as Amazon this year are anything to go by then the fact of the matter is that smart homes are probably going to end up becoming a pretty major factor in this sort of thing as well.

There are a few factors that are impacting people’s decisions in this regard, and one major concern has to do with privacy. It turns out that virtually every age group or demographic has concerns when it comes to privacy and how certain entities might decide to handle the information that they are providing to them.

In a recent GWI survey, majority of respondents seem to reserve most of their distrust for companies and how they would choose to use this data. Gen Z, Millennial and Gen X respondents seem equally concerned more or less with 36%, 34% and 38% of them being concerned about how companies use their data. Baby boomers appear to be the most distrusting of companies with 47% of respondents claiming they worry about how companies might use their data.

Not as much suspicion is directed towards governments, with all four age groups showing percentages of 24%, 21%, 22% and 21% respectively, indicating that Gen Z respondents are marginally more distrusting of government agencies than their older counterparts all in all.

Two other major factors that are impacting this sort of thing have to do with cost and cybercrime. If we look at cost first, with about 39% of respondents in both the US as well as the UK claiming that high costs are a factor that concerns them. This could mean that the costs of such appliances and devices would have to come down in order to make them viable for the future.

Hacking is a concern that is almost equally prevalent as cost, with 38% of respondents claiming that potential cybercrime is something that concerns them when it comes to smart homes as well as other kinds of smart products. This means that hacking might just be a bigger concern than companies misusing data.
Read next: More than half of consumers aren’t concerned with the security of payment apps (Survey)

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