A Review on Impact of IoT on Urban Economics
Keywords:
Urban economic development, Smart cities, Planning city, Sustainable models of smart citiesAbstract
The Internet of Things (IoT) is a world of connected objects (e.g., smart objects or smart products) that understand, act, and communicate among themselves and their environment. Additionally, IoT provides the ability to directly share information and respond to real/physical events worldwide by creating processes and services with or without intervention. In addition to its ability to reduce environmental problems, the IOT can also enhance people's capabilities and support economic growth. These are just some ways the IOT is changing business and business growth. Some example are, manufacturing, machine to machine communication opens up a world of growth for manufacturing. Many industries, from health care to retail, IoT has the potential to improve many industries and increase competitiveness. Developing countries, IoT is easy to use and can provide significant cost savings to organizations, making it a good choice for businesses in developing countries. Increased tax revenue, by supporting the IOT, governments can increase their local industries' competitiveness while generating additional revenue. Productivity improvements, IoT technology can change how businesses operate and make businesses smarter, requiring fewer working hours. New business models, the IOT can help companies create new business and revenue streams, such as subscription based services or maintenance models.
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