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Mankind has experienced three technological revolutions between the 18th century and the present. These include the steam revolution in the 1960s, the electric power revolution in the 1970s, and the information technology revolution at the beginning of the 20th century (Bi & Wang, 2021). The information technology revolution has led to changes in politics, the economy, culture, education, and many other fields. It has profoundly influenced and changed the work and lifestyle of humans, becoming a driving force for the development of modern productive forces (Bhatti et al., 2021).
The information industry has experienced three revolutions. The first revolution is represented by computer information processing. The second is information transmission, represented by Internet and network communications. The third revolution will be represented by the rapid development of the internet of things (IoT), which is denoted by connection, information acquisition, and perception (Li et al., 2022).
The digital economy (also known as the knowledge economy, information economy, and innovation economy) is a new economic form based on computer networks like the Internet (Xiao et al., 2017). As of late December 2014, the Internet penetration rate in China was 47.9%, an increase of 2.1% from the end of 2013. The number of Chinese netizens ranked first in the world (Throne & Lăzăroiu, 2020).
On August 7, 2009, Wen Jiabao inspected the Wuxi High-tech Yuna Engineering Technology R&D Centre of the Chinese Academy of Sciences. He pointed out that it is necessary to break through key technologies as soon as possible and cultivate new growth points. In late September of the same year, the IoT concept took shape. It went on to develop rapidly, spreading among hundreds of millions of shareholders. By 2015, the Chinese IoT industry initially formed an IoT development pattern driven by innovation, application, coordinated development, safety, and control.
In 2012, the Economic and Information Commission of Jiangsu Province issued the 12th Five-Year Development Plan for the IoT industry in Jiangsu Province. According to the plan, Jiangsu Province aims to develop the IoT economy and narrow the gap between it and developed countries.
The Chinese 12th Five-Year Plan takes scientific development as its theme and focus. The development of the IoT economy accelerates the transformation of the Chinese economic development mode, achieved through scientific development in economics, politics, society, culture, and other aspects (Sestino et al., 2020). It involves the application of advanced technologies like infrared sensor technology, radio frequency technology, laser scanning technology, and global positioning technology. It also uses a variety of technologies to connect the Internet and mobile communication networks as it realizes the intellectualization of technology (Nobre & Tavares, 2017).
The development of the IoT economy will promote the transformation of the Chinese economic structure, which is currently in a period of optimization. Industrial development is changing from extensive to intensive. The development of the IoT economy can further promote the adjustment of industrial structures and enhance the economic structure (Guo et al., 2014). These changes are conducive to environmental improvements that lead to more suitable living environments and a higher level of living standards.
China, which is in a period of urban-rural integration construction, requires rural construction through the development of smart agriculture, smart industry, and smart circulation industry. Changes will occur in production and living environments in rural areas, promoting the integrated development of urban and rural areas (Xie et al., 2020). Contributions will be made to the innovation of service models, driving the development of emerging industries.
The Internet has subverted the traditional big data model. In turn, competition between enterprises appeals to the customer. Enterprises must, therefore, adapt to this change. Results will include improved work efficiency, healthy living, and energy savings.