As consumers, we are already consuming the benefits of IoT in so many ways at individual’s level. The businesses are also gaining immensely from the technology and will continue to gain much in the future. With the IoT, there is better safety, improved efficiency and decision-making on the part of businesses through data collection and analysis. IoT has increased the speed of medical care, and improved customer satisfaction never imagined before (Lee, & Lee, 2015).
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The current benefits are only part of what IoT can offer. Forecasts suggests that in near future, more than 45 billion of IoT devices will be under active use globally and therefore creating a web of devices that are interconnected right from smartphones to home appliances such as kitchen equipment. The spending on the IoT is also expected to grow past 2 trillion in the year 2022 with the emergence of 5G likely to strongly drive the market growth in the years to come.
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