Introduction
In our world, the advancement of technology is rapidly ongoing. The development and the revolution of the Internet of Things (IoT) is one breakthrough technological advancement that is changing business models in all aspects of society. SAS Institute Incorporated defines the IoT as “the concept of everyday objects – from industrial machines to wearable devices – using built-in sensors to gather data and take action on that data across a network” [1]. The theory of the IoT is simple, but the rewards and benefits are incredible; according to Gartner, revenue resulting from IoT products and services is expected to exceed $300 billion in 2020, and that estimate is assumed to be on the safe-end [2]. Consumers are likely to invest their money into intelligent products with data sensing capabilities that enhance life – such as a pill cap that vocally reminds its user to stick to his/her prescription regimen. Therefore, businesses must continuously alter their strategies, processes, and technology to keep up with the development of the IoT in order to stay competitive. …show more content…
Then, the difficulties presented by the revolution and application of the IoT are deliberated. Next, the impact of the IoT on business models and strategies is considered, focusing on education. Finally, ethical and social issues surrounding the development of the IoT are
In our world, the advancement of technology is rapidly ongoing. The development and the revolution of the Internet of Things (IoT) is one breakthrough technological advancement that is changing business models in all aspects of society. SAS Institute Incorporated defines the IoT as “the concept of everyday objects – from industrial machines to wearable devices – using built-in sensors to gather data and take action on that data across a network” [1]. The theory of the IoT is simple, but the rewards and benefits are incredible; according to Gartner, revenue resulting from IoT products and services is expected to exceed $300 billion in 2020, and that estimate is assumed to be on the safe-end [2]. Consumers are likely to invest their money into intelligent products with data sensing capabilities that enhance life – such as a pill cap that vocally reminds its user to stick to his/her prescription regimen. Therefore, businesses must continuously alter their strategies, processes, and technology to keep up with the development of the IoT in order to stay competitive. …show more content…
Then, the difficulties presented by the revolution and application of the IoT are deliberated. Next, the impact of the IoT on business models and strategies is considered, focusing on education. Finally, ethical and social issues surrounding the development of the IoT are