Projecting the Growth and Economic Impact of the Internet of Things
10 Pages Posted: 16 Jun 2015
Date Written: June 15, 2015
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
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