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Key Topics
Requirement
Conduct research relative to ''IOT'' and to write a paper explaining major concepts related to IOT .Divide your paper into subsections that will make your paper easier to read and to follow your logic.
Solution
INTRODUCTION
The Internet of Things consists of gadgets that can be linked with the Internet at any place or time. The basic of IoT gadgets is embedding an integrated sensor inside the objects that is linked with Internet via fixed/wireless networks. IoT becomes more feasible as internet is available everywhere which will help in mass adoption and acknowledgement of IoT. Looking at the size and price of these sensors, it is easy to integrate them comfortably at workplace, home or even public places. Under IoT, every electronic device can be connected with each other and then be available for the user through the Internet. More importantly, any device can be a source of data. It is important to understand it with an evolutionary perception similar to the transformation of network technologies in present time (Mclean, 2013).
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CURRENT STATE OF IOT
Internet of things is a new revelation in the current technological advancements and it is essential to utilize the potential of IoT and maximize the profits and the efficiency for customers. It has already been in the limelight, making it essential to look beyond hype and analyse how IoT will create economic value.
Looking at the applications of IoT from the perspective of different physical setups, where the systems will be under use will provide us with a larger perception of different challenges and benefits. The IoT systems definitely maximize the value, especially during interaction. A potential and an estimated economic impact along with surplus from consumers of $11.1 trillion per year by 2025 is expected from the IoT applications (ITU, 2005).Interoperability between various IoT systems is important for encapsulating maximum value. After analysis, it can be said that interoperability is a requirement for potential value across IoT applications of 40% of and almost 60% in some other settings (ITU, 2005).
BUSINESS OPPORTUNITIES RELATED TO IOT AND CAN IOT CREATE TRANSFORMATION IN INDUSTRIES?
Yes, IoT can definitely be a game changer for the industry as IoT has a lot of potential and it needs to be marketed and provided by the producers in a manner that the customers can use and consume easily. It will synchronize most of the machines and will be a step further towards advancement and comfortable lives.
It is essential that IoT utilize the social media services for advertising and propagating various benefits of IoT which includes better connectivity, low-cost services, connectivity of various devices and also comfortable lifestyles (Sharma, 2001).
IoT has a large potential in the developing economies. In the next ten years, even higher PV for IoT is expected in advanced economies because of higher value per use. Customers will cherish many benefits and the IoT users (consumers, miscellaneous organizations, and businesses) will capture 90 % of IoT generated applications value (McKinney, 2015). IoT has been evolving around a very dynamic industry and just like many other technological revelations, both incumbents as well as the new players have vivid opportunities to change the way industry works.
Legal Aspects
Everything has two sides and similarly it is important to keep in mind that IoT arises various questions related to privacy and security of data.
The manner in which an organization using the IoT services, manages the huge volume of data will need to be redefined and filtered. It will be a big obstacle to cross for the developers and ensuring that everything works efficiently along with that having data protection implications such that no irrelevant data gets collected.
Appliances of IoT highlight various potential points for different security failures along with that the data generated or collected by them is also under privacy concerns. More than that IoT involves an entire system of software, hardware and services along with that some ownership issues regarding data may arise (Morgan, 2016).
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1.) McLellan, C. (2013) M2M and the Internet of Things: A guide. Available at: http://www.zdnet.com/article/m2m-and-the-internet-of-things-a-guide/ (Accessed: 24 September 2015).
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2.) ITU. (2005). the Internet of the Internet of Things. Retrieved 18 November 2015, from http://www.itu.int/osg/spu/publications/internetofthings/InternetofThings_summary.pdf
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3.) Webb, D. (2015, June 18). The Convergence of wireless networks for the IoT. Retrieved 21 November 2015, from https://ottomate.co/index.php/2015/06/18/the-convergence-of-wireless-networks-for-the-iot/
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4.) Sharma, A. (2001). ‘E-Coms and their marketing strategies’. Business Horizons, 44(5), pp. 14–20. Doi: 10.1016/s0007-6813(01)80056-2.
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5.) McKinney. (2015, June). THE INTERNET OF THINGS: MAPPING THE VALUE BEYOND THE HYPE. Retrieved 18 November 2015, from file:///F:/torrent/Oculus%20(2013)%20[1080p]/Unlocking_the_potential_of_the_Internet_of_Things_Executive_summary.pdf
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6.) Morgan, L. (2016). IoT raises new legal challenges for business. Retrieved April 15, 2016, from http://www.informationweek.com/iot/iot-raises-new-legal-challenges-for-business/d/d-id/1323926
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