The Internet of Things market has boomed in recent years and is expected to keep growing at a rapid pace — in fact, it is projected to exceed $1.4 trillion by 2021. Companies and consumers are working to find their place in the IoT revolution and one of the biggest opportunities for this industry lies within the home. The connected home is increasingly becoming the new norm, with everything from televisions and refrigerators, to home security systems and laundry machines, expanding the connected network in consumer homes today. While these technologies can have a huge impact when it comes to increasing efficiency and improving ease-of-use for many household items, there is also a notable service need when it comes to installing and maintaining these devices.
In response to this IoT market boom, and the growing digital shift taking place in the cable and satellite sector, CSG surveyed over 2,000 consumers across five countries for their predictions on how the connected home will become more connected and who will connect it. The survey exposed that pay-TV providers are in a unique position to define the IoT service industry and evolve to meet the growing demands of the home — an opportunity that will reinvigorate the workforce and improve customer offerings.
The connected home needs more than self-install guides
Before consumers can enjoy the benefits of these connected devices, the technology must first be set up — a process that is not always user-friendly. While many smart home devices market themselves as simple and intuitive with step-by-step instructions, tracking and managing these devices in various applications can be a cumbersome and confusing for consumers — especially for consumers that might not consider themselves “tech-savvy.” According to the CSG survey, 84 percent of respondents believe that consumers will want help from a skilled technical resource to connect just two to five devices. In addition, respondents reported that they believe 67 percent of consumers will be not at all confident in doing complex installations on their own, and 44 percent believe that consumers will be only somewhat confident to complete even simple (single device) installs on their own.
Uberization of the IoT
The CSG survey revealed that the on-demand app model — one that companies like Uber have championed — also extends to the technology industry when it comes to device repair and setup. More than a third (39 percent) of respondents believe consumers will want an on-demand installation or repair service half to three-quarters of the time, and 96 percent of respondents think that consumers will want an app to access all of their connected devices from a central location.
This trend in particular presents a huge opportunity for traditional cable and satellite providers to reallocate existing workforce to meet the needs of the growing IoT ecosystem.
The number of jobs for telecommunications service installers and repair technicians is steadily declining and will likely continue to do so. According to the U.S. Bureau of Labor Statistics, the telecom industry will lose nearly 8,000 jobs in the next 10 years. What’s more, according to TSIA, 76 percent of field service providers report they are struggling to achieve revenue growth.
Given the decline in employment and consumer desire for on-demand service, cable technicians are uniquely positioned to fill this need. In fact, 89 percent of customers are very likely to use a cable or satellite service technician to connect the smart home. Cable technicians have the customer service skills, the fleet of trucks and management systems to easily transition into this role.
The connected hub will centralize the experience
According to the survey, once home devices become part of daily life an overwhelming majority — 96 percent — of consumers will want the access to all their devices in a single app. This central point of control for consumers will make daily use of the devices easier and more streamlined, while also simplifying the maintenance process. If consumers can request service through the app for one or more devices, customer service will be improved from the start meaning that the entire customer experience is more likely to run smoothly.
By expanding into IoT service offerings, pay-TV providers can introduce new revenue streams and optimize their field force technicians to enhance the overall customer experience — the key to owning a bigger share of connected home services may be but a truck roll away.
