What is Impact of IoT on the Economy

The internet of things (IoT) has emerged as a potential game changer in the modern ICT landscape. Like several other technologies, it is going to disrupt the global markets to a large extent. The main potentials of IoT are its pervasive presence and multiple applications. For the large-scale deployment of the IoTs, a huge amount of resources are needed. In that case, a lighter or energy efficient version of the IoT is preferred for the large scale projects such as the smart cities and healthcare applications. In this regard, narrowband IoT (NBIoT) is preferred which is a resource efficient version of the modern IoTs. The pervasive uses of the IoTs are going to change the economy and the social landscapes to a large extent. IoT will be pervasive, and it will touch every aspect of the human lives. Due to its pervasiveness, the economy associated with it is going to be equally pervasive. In this chapter, the aim is to provide the commercial potentials of NBIoT and to analyze the changes it can bring to the economy. In the commercial potentials the author include the common applications where NBIoT is the main choice and can play a crucial role in the long term. Normally, these sectors are widely accessible to the general public such as the healthcare, traffic monitoring systems, smart cities, utilities management, retail management, industrial automation, and the emergency services.