Beyond the Economic Value of IoT Report
Key takeaways from the IoTUK Beyond the Economic Value of IoT Report
IoT is a technology that has been promising for more than a decade now to transform economies and advance ideas of public good and social well-being. This report highlights the efforts that have been done in this respect and identifies the main directions for IoT advancements and the main barriers to IoT adoption. The report focuses on the economic value in IoT and argues that harnessing economic value in the IoT space represents a process that takes place continually at the intersection between developments in three major domains: social, technical, and economic.
The report highlights over two years of interdisciplinary research in PETRAS, the academic consortium studying IoT in the UK. This work involved mapping developments, opportunities, and challenges related to the harnessing of economic value in IoT. The authors have performed a detailed literature review that used a range of primary and secondary sources, from academic publications to governmental, business and consultancy reports. In total, over 400 publications were consulted in the economic, technical, and social domains. These publications included current debates and national strategies in high priority domains, such as education, health care and the digital skills market. The authors then surveyed a range of risk assessment methodologies in the IoT space. The intended audiences for this report are stakeholders in public and private sectors with an interest in the IoT market, such as government policymakers, regulators, national funding bodies and local authorities, as well as developers, suppliers and adopters of IoT-related products and services.
The report aims to:
- Highlight the state of the art in IoT space with a focus on the emerging economic, social and technical values
- Draw on the main gaps in the IoT space and identify barriers to IoT adoption
- Identify opportunities for IoT advancement
- Place the emerging IoT ecosystems in the bigger context of new digital economies
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