Internet Of Things (IOT)

As objects become embedded with sensors and are able to communicate through wired and wireless networks, these networks will churn out huge volumes of data that would be analyzed resulting in the creation of new business models and the way product and services are delivered to consumers. Knowing how often a product is used would also allow companies additional options, such as pricing based on usage as opposed to outright sale. The addition of sensors in the production line would reduce productions risks resulting in cost reductions and therefore higher profitability. In short, technology would monitor every move due to the sensors and the internet and this is the reason is called IOT. The IOT adoption would take time as is dependent on improvements in underlying technologies.