The connected living market – where technology has changed how people communicate – is set to be worth $1tn globally, according to PwC.
The Big Four audit firm has analysed 2,000 UK consumers, with 59% agreeing that technology helps them control life, but is not essential, while 30% of respondents are connected all the time.
PwC has predicted the connected living market will be worth $1trn in five years, but there will be six specific areas where the money falls.
Connected education and e-learning tools are expected to be the most valued tech-living market, with PwC estimating a $446bn in five years.
Joint second are connected home and connected transport markets, with items such as smart meters for utilities and car-sharing platforms respectively, each worth $149bn.
Connected entertainment platforms such as music sharing sites $135bn, then networking platforms $61bn, and connected health – including online prescriptions – at $61bn.
Of PwC’s connected home survey, 63% worked from home while 28% said they were aware of home security platforms but had no intention to use one in future.
The survey cites two key issues for consumers as trust and value for money in their adaptation of connect home devices.
"Change is coming to all industries," said Richard Boxshall, senior economist at PwC.
"As we reach what may be tipping points for those sudden and decisive changes, businesses need to prepare for the new, more direct relationships with consumers – and develop capabilities and skills that look very different from those they operate with today."
The research suggests the talent gap could tighten, with connected technologies enabling non traditional routes into the professional world.
For example, PwC has estimated the freelancing market’s worth as $10bn by 2020, while remote work apps could hit $24bn, and global web conferencing $11bn.
There is "huge potential for growth" in the connected home sector, Boxshall added, but it remains to be seen which industries will take the lead in exploiting the opportunities.
