The IoT will influence the economy. Related devices can help cut expenses on credit card processing equipment or other technology for businesses of any size. Now, they may need only a tablet or smartphone with an app and internet access to handle their operations. Insurance can also be affected by the IoT, as trackers and sensors give unlimited security possibilities and promise more efficiency and ability to prevent issues or penalize automatically (if it is speed in the car).
The IoT opens great automation possibilities and leads to a new level of companies efficiency. If the defect of the good, equipment, or material can be detected from the very beginning by sensors, it eliminates additional expenses. The information from sensors is always relevant and will save lots of time for proper business decisions. Here, the monetization of data has another meaning, as they can save money having real-time information on preventable problems.
The consequences of automation will be not only the reduction of costs, but also the reduction of working places that involve manned work, like inventory check, monitoring of different activities, and utility checks. However, as it happened in the past, when machines were introduced to the factories, the amount of work doesn’t change; it gets only more complicated and demands more skillful workers. The situation may even turn out in more working places, where the work will be easier due to data collected from sensors. With the emergence of new connected devices, there will be a need to sell them, set them, develop and program them, provide analysis, security and maintenance support. Probably, more IT professionals will be needed to monitor and specialize in many different connected devices. Data centers and cloud services will increase in number and will look for more professionals to cope with the work.
Research was conducted on the cost of IoT, conducted by Machina, if in 2014 it cost 900 billion dollars, in 2024, it can be 4.3 trillion dollars. This number is impressive as this technology costs more than the money many countries have. According to their estimation, it will rise to 6.2 trillion dollars by 2025. The IoT provides huge possibilities, but needs major changes: new hardware and software, new universal standards, platform, changed business activities and processes, wider Internet expansion and its accessibility in good quality, data centers, powerful cloud services, and professionals who know how to support and make it work flawlessly. But it is worth all the investments, as it can multiply money put in it and can make everyday life, business, and manufacturing easier and safer.
If we speak not about its efficiency in the financial sphere, let’s think about homes and constructions with sensors that can predict possible danger, making more profitable choices when choosing the material and decreasing construction waste. As soon as the technology is acquired, we will experience a more organized and even ecological life. For individuals, IoT opens possibilities to get basic things easier, faster, and effortlessly, while developing in a professional field and giving time to things in life that matter or entertain us.