CURRENT APPLICATIONS AND CHALLENGES OF THE INTERNET OF THINGS

Abstract

The concept of the Internet of Things is capable of making a giant leap in the economy, including research in the field of computer science, network technologies, microelectronics and sensor technology. Combined with the technological developments of nanotechnology and robotics, IoT can play a central role in the industrial revolution by creating economic relations between machines and connecting the economy of people and machines, solving a number of problems that humanity is facing. All devices controlled via the Internet are elements of the Internet of things. The IoT has allowed various possibilities for all countries to improve life quality and the technological ideas for efficiency, productivity, security, and profit. An integrated security system is a giant step towards the improved economy. The concept of IoT plays a decisive role in the further development of the infocommunication industry. This is confirmed both by the position of the International Telecommunication Union (ITU) and the European Union on this issue, and by the inclusion of the Internet of Things in the list of breakthrough technologies in the United States, China and other countries. Thus, this article will go over the current state of the IoT as well as describe which devices and industries stand to benefit from the advantages it brings. Additionally, statistical data on the actual trends and investments into IoT across the world are also provided.