Projecting the Growth and Economic Impact of the Internet of Things

10 Pages Posted: 16 Jun 2015

See all articles by Andrea Castillo O'Sullivan

Andrea Castillo O'Sullivan

George Mason University - Mercatus Center

Adam D. Thierer

George Mason University - Mercatus Center

Date Written: June 15, 2015

Abstract

The next big wave of data-driven technological innovation will connect physical devices embedded with tiny computing devices to the Internet in an effort to seamlessly improve the measurements, communications, flexibility, and customization of our daily needs and activities. This “Internet of Things” (IoT) is already growing at a breakneck pace and is expected to continue to accelerate rapidly.

This paper provides a brief explanation of IoT technologies before describing the current projections of the economic and technological impacts that IoT could have on society. In addition to creating massive gains for consumers, IoT is projected to provide dramatic improvements in manufacturing, health care, energy, transportation, retail services, government, and general economic growth.

Keywords: tech, technology, IoT, Internet, things, Internet of things, wearable, information, data, economic, growth, projections, smart, home, fitness, device, network, sensor, medicine, health care, car, vehicle, drones, autonomous, intelligent, industrial, global, economy, Joel Mokyr

JEL Classification: L86, L88, L5, K13, K00, K39, O3, O31, O33, M38

Suggested Citation

Castillo O'Sullivan, Andrea and Thierer, Adam D., Projecting the Growth and Economic Impact of the Internet of Things (June 15, 2015). Available at SSRN: https://ssrn.com/abstract=2618794 or http://dx.doi.org/10.2139/ssrn.2618794

Andrea Castillo O'Sullivan

George Mason University - Mercatus Center ( email )

3434 Washington Blvd. 4th Floor
Arlington, VA VA 22201
United States

Adam D. Thierer (Contact Author)

George Mason University - Mercatus Center ( email )

3351 Fairfax Drive
4th Floor
Arlington, VA 22201-4433
United States

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