Internet of Things as a Transformation Agent for New Age Businesses: An Empirical Study Current Status and Future Challenges

Abstract

Internet of Things is transforming the world in every aspect.  Businesses are one of the biggest beneficiaries of IoT as they are adapting with the transformation swiftly. Not only the businesses but everything which is connect to these businesses are getting advantages be it a Consumer, Government or other organizations. Digitization and IoT has changed the working approach of the companies. They are shifting more towards a digital path rather staying on a traditional way. This shift has benefitted the companies in many ways like the reach to the potential customer has increased and only interested customer can be targeted. Though the IoT proved to be beneficial but it does posses many threats to the business and to the consumer in the form of security breach and data exploitation etc. This paper with will discuss the current status of IoT in business and also highlight the future challenges might face by them.