The Internet of Economic Things: The Socio-Economic Transformation Value of the Internet of Things (IoT)

Abstract

the moniker Internet of Economic things seeks to discover household interactions with IoT and how they can drive Efficiency and Innovation in emerging and developing economies. A BN and SEM technique is used to analyze the infusion of IoT on Humans, in Homes, Retail, Offices and Cities and the ensuing impact on the economy. The study employs a survey instrument to deduce insight on the predicted impact of IoT in everyday household activities to drive economic efficiency and innovation (economic impact). The findings of this study highlight some key components of IoT in Human health monitoring and wellness; Automation of Retail, smart CRM; organizational redesign and worker monitoring are key facets of IoT infusion into everyday household activities that can impact the economy.