Being a part of the IoT community, we are always keeping an eye on the trends in sensor technology. The graph from Business Insider below highlights interesting trends within the industry. Specifically, with the exception of cable, satellite television, and radio services, as time progresses the price of consumer technology declines.
Each new piece of technology follows that rule almost to a tee. As more people start to use these products, and our understanding behind how to effectively produce these technologies increases, the price of production decreases and more people are then able to use them.
Simply put: as time progresses, the cheaper it will become to produce sensor-driven products, and by extension the cheaper it will be for consumers to buy them.
Are we leaving ourselves too vulnerable?
Low prices aren't always positive, there is also a possible risk with these low prices. Sometimes, cheaper products lack the security necessary for preventing hackers from accessing the devices and possibly committing crimes. It’s true that cheaper is sometimes better, but in this case, you’ll need to decide for yourself.
You wouldn't want this kind of security on your electronic devices, would you?
How accurate can we get?
Another question you might be asking yourself is “Will cheaper production compromise the quality of the sensors?”
The short answer is: no.
In fact, rapid growth in the sensor technology sector has led to research which shows that the accuracy of various sensors are expected to reach near perfection within the next 10 years.
Motion products have been getting more affordable too
The price of motion sensors are also declining while the accuracy is improving. We can see this statement perfectly exemplified when we look at fitness bands.
The Mi Band, the world's first $15 fitness tracker!
The average price for a fitness band is around $100, but because of the decrease in cost of the components it's now actually possible to achieve the same product we saw two years ago for 15% of the cost today. The Mi Band proves this point by selling a fitness tracker for only $15!
Entrepreneur in machine learning and sensor based software development (>10 years). Background in engineering, tech with professional experience in North America and Europe.