The Internet of Things [IoT] is the next big frontier for forward-thinking businesses. By 2020, four billion people will be spending four trillion dollars a year on more than twenty five billion embedded and intelligent systems.
The IoT is transforming the way businesses can serve their customers. New customized offerings powered by the IoT increase consumer satisfaction and build long-term relationships that enhance loyalty and reduce churn.
Z-Wave lets you easily bring the new IoT products and services to market that today’s technology-savvy customers are demanding.
From individual SoC modules to full-fledged reference designs, locally-controlled networks or cloud-based systems, Z-Wave technology offers the simplest, most economical, and most reliable path to market for IoT success.
Z-Wave Creates New Markets and Extends Existing Ones
Service providers of all kinds – telcos, MSOs, home security companies and many others, have dramatically expanded their customer offerings thanks to Z-Wave. For STB and gateway providers, home control represents an exciting new “fourth play” extension of a typical triple-play package. For home security vendors — 90% of which utilize Z-Wave as the enabling technology — smart home controls have grown recurring revenues, built new customer bases, and increased customer loyalty.
Z-Wave gives service providers committed support from start to product launch, including a unique Installation and Maintenance Application (IMA) for monitoring the mesh-network health for installations in the field. The IMA tool provides remote network diagnostics to save service calls and truck rolls, and its real-time monitoring and reporting allow for alerts and product support from remote call centers.
Smart technologies and the IoT are re-inventing the insurance industry. They empower personalized coverage products, and at the same time, make underwriting more efficient. Traditionally, insurance products have been priced according to the level of risk against loss. Thanks to smart controls and monitoring for locks, water valves, lighting, and cameras, the new insurance paradigm has shifted to pre-emptive loss prevention and user-driven risk reduction.
Smart technologies also let insurers connect with younger customers that typically rent rather than own. According to NPD research, Millennials are twice as likely as the total population to have a smart home product installed in their residence, and renters are three times more likely to be part of this age group. These young, tech-savvy consumers are driving insurance 2.0.
Aging in Place
Worldwide demographics point to graying populations throughout North America, Europe and Asia. Each day, more than 10,000 Baby Boomers turn senior in the US alone. Creating safe, convenient, monitored solutions for aging in place is a societal and economic imperative. Further, global shifts in healthcare delivery have placed new emphasis on home health monitoring, and activity metrics generated outside the doctor’s office.
The smart home is capable of presenting invaluable new wellness data regarding activities for daily living, particularly among home-bound seniors. Z-Wave is the ideal protocol to deliver these new metrics. The US Department of Health and Human Services has just mandated new security measures to fix the shortcomings in outdated HIPAA requirements. All devices and applications require serious new focus on data security and encryption. Thanks to its S2 Security Framework, Z-Wave is ready for the next generation of connected aging solutions.
Utilities have begun integrating smart devices into demand response and energy efficiency programs, to better manage electric loads during high-demand periods, provide grid stability, and to prevent extreme pricing fluctuations. Consumers too, are interested in home energy management solutions, which reduce their monthly bills and contribute to a greener household footprint.
Z-Wave is the ideal smart home technology for energy management applications. Successfully bridged and trialed with OpenADR, SEP 1, SEP 1.1 and other smart energy protocols. Z-Wave has a portfolio of service providers already in place for utilities to partner with (if required), and extensive experience in working with partners to integrate legacy platforms and provide new services. Z-Wave also offers the largest deployed base of energy management products, all of them interoperable.