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Telecom Business Review | Monday, September 05, 2022
IoT is catching up on accelerating opportunity, updating analysis to estimate the value collected and the factors that characterize the IoT.
FREMONT, CA: One of the key themes driving the digital transformation of business and the economy is the Internet of Things (IoT) or the merging of the digital and physical worlds. The Internet of Things (IoT) is now ingrained in the lives of consumers and the operations of enterprises and governments worldwide, from the fitness trackers people wear to the smart thermostats they use in homes. From fleet-management solutions that tell when packages will arrive to sensors that promote increased energy efficiency and monitor natural disasters resulting from climate change.
The Internet of Things is catching up on an accelerating opportunity, updating the analysis to predict how much of that value is captured, how the potential value of the IoT might change over the next decade, and the factors that explain define the Internet of Things. Since then, the market has expanded significantly, perhaps not as rapidly. In business settings especially, the IoT has encountered resistance from departments concerned with change management, finances, human resources, and security.
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The surface of the potential economic value that the IoT could unleash. It will enable anything important worldwide, not counting the value captured by users and customers of IoT devices and services. The economic value of the IoT will be accounted for in the factory setting (which includes standardized production environments in manufacturing, hospitals, and other domains). Business-to-consumer (B2C) apps are becoming increasingly valuable since IoT solutions in the house are being adopted far faster than originally anticipated. The market is growing rapidly, making it a formidable player worldwide in the Internet of Things (IoT) industry.
The Internet of Things (IoT) is at the vanguard of the capacity to merge the digital and physical worlds in ways that may have far-reaching effects on culture and the economy. Examples of possible advantages are enhanced productivity, better control over material resources, and enhanced health and happiness. That's why the Internet of Things can drive these digital shifts. Our findings suggest optimizing manufacturing operations, including the many forms of the day-to-day management of assets and people, offers the greatest opportunity for value creation in the factory context. The potential economic value created by the Internet of Things in a factory context is the value likely coming from manufacturing operation-management applications.
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