Internet-of-Things (IoT) as engine of growth for the economy

Abstract

The Internet-of-Things (IoT) is set to bring a major change in the way we conduct our lives and business in the near future. The contribution to the economy is expected to be significant as internet connections will not only be limited to humans to other people but it will also involve the real physical world as well. Machines will no longer be confined to their respective networks and the IoT trend will provide the potential for machines to self-learn as well. This study will discuss the potential economic significance of the IoT trend and the impact that an environment of connected devices have had in our businesses and daily lives. At the end of the study, the discussions on the implementation of IoT and its risks will be provided.