The internet of things (IoT) is one of the hottest tech trends of the last decade.
But many consumers aren’t necessarily investing in IoT products as they would an actual product.
According to the National Retail Federation, the average consumer is investing in around two to three IoT products a year, and the average IoT device is undervalued by nearly 20 per cent.
“If you think about what IoT is, what it means, and how it is changing the way we live, I think it’s an investment opportunity,” says Joanna Hoey, founder of the investment platform The Investment Fund.
When it comes to investing in products, the best way to determine whether an IoT product is good value is to check the specs.
With more than 30 million devices on the market, it’s easy to forget that a few of them can be a bit expensive.
Even a single-use product, such as a smart home hub, can be more than $5,000.
If you’re considering a purchase of a new IoT device, look at the specifications and the cost of buying the hardware, Hoeys says.
This guide will explain how to choose a good IoT device that meets your needs.
You can also check out a range of products for undervalued IoT investments.
Here are some of the most popular IoT devices for the lowest cost.
What you need to know before buying a new IOT product:What you can expect to pay for a new smart home Hub:If you plan on installing a hub in your home, there’s a lot of different choices out there, says Hoe, but the one you choose should be well suited to your needs and budget.
A hub, in the form of a small, connected device, can serve many purposes, including controlling lights, lighting, and heating, according to the manufacturer.
A smart home can be controlled by the hub, but it will also need to have access to the internet to connect to the hub and other services.
A hub can also connect to your home’s other connected devices, including the internet.
The more connected devices are in your house, the more control the hub will have over the home, which can help the hub keep you connected to the outside world, says Gwyneth Jones, senior advisor and vice president of marketing at Nest.
The smart home device is also often used to control other devices, such a thermostat, she adds.
The Hub can also be a great way to control a thermo controller or a heating controller, or even the lights on your home.
Nest’s thermostats are often connected to a hub, and its lights can also control the lights of your home using a Nest app.
It’s possible to install a smart thermostatt, which monitors your temperature, and can even change the thermostant settings remotely, says Jones.
Nest’s thertopat also connects to the Nest app, which allows you to remotely control the thermoregulatory system.
Lights and heating controllers are another type of IoT device.
While you might be able to use the smart lights and heat controllers to control the temperature in your bedroom, your kitchen, or a bathroom, these devices can also get in the way of other smart devices in your room, Jones says.
If you have a thermos or other device in your living room that you’d like to control, you’ll need to find a way to set up the smart devices to communicate with each other.
If it doesn’t have a built-in thermostatic control, the smart home is probably best for this, Hoes says.