We’ve introduced a lot of smart tech into our lives in recent years. The chances are, you’re reading this on a smart device.

With so much advanced tech – often literally – at our fingertips, it can be easy to take these devices and gadgets for granted. But the impact these innovations have had and continue to have, cannot be underestimated. And one way this is evident is when we crunch the numbers. Here, we take a look into just how much the economy has benefitted from smart tech.

What is smart technology?

Before we dive into the economic impact of smart tech, it’s important to understand what it is. The term ‘smart’ is not referring to tech that’s cleverer than its predecessors and counterparts, but that it makes what was once an inanimate object ‘communicate’ with us. It does this using AI, big data analysis, and machine learning.

There are different types of smart technology.

  1. Internet of Things (IoT) devices, where sensors and online connectivity combine to bring those inanimate objects we mentioned to life. One everyday example of this type of tech is your Alexa or another smart speaker.
  2. Connected devices, such as headphones to a laptop via Bluetooth. Your smartphone or tablet is also a connected device. These are controlled using remote or external controls rather than voice commands.
  3. Smart devices, such as smart bulbs. These are automated to an extent and can be programmed.

Smart tech is being introduced to different elements of business all the time. From advanced supply chains to smart construction, the way we approach our world is changing thanks to these advanced innovations.

How smart tech is used today

We’re seeing automated systems everywhere, from the supermarket checkout to the farms that grew the veg you’re buying in the supermarket. It’s used in security systems, schools, and homes.

It’s used in different industries to help streamline getting deliveries to where they need to be. As well as the tech itself being lucrative, the markets it’s created are set to increase in value, with smart cities projected to be valued at $6,965.02 billion by 2030 and the global smart home market to be worth $222.90 billion in 2027.

Are there any risks?

There’s a lot to love about smart tech. It makes everyday tasks faster and smoother and offers advanced security systems.

However, there are risks to consider. For instance, IoT devices could be vulnerable to cyber-attacks. This is because they use wireless connections to operate, and wireless tech is already at risk of an attack. Bluetooth, meanwhile, is known to have at least 15 common vulnerabilities that can be exploited by hackers – and this is despite its more established role in the world of connectivity.

But if you know where these vulnerabilities are and how to protect your devices and connection from attacks – things that are relatively simple to do if you’re working with smart tech – you’ll be good to go.

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