<abstract xmlns="http://www.w3.org/1999/xhtml"><p>The Internet of Things (IoT) is a computing concept that describes the idea of everyday physical objects being connected to the Internet and being able to identify themselves to other devices, and day by day it becomes popular in everyday life as well as in entrepreneurship. The IoT covers broad areas, including manufacturing, the health sector, agriculture, smart cities, security and emergencies among many others. The market for the industrial IoT is estimated to surpass 107 billion euros by 2021 and reach a compound annual growth rate of 7.3% as of 2020. The IoT makes an impact on all industries and provides benefits for various areas of business; however, business may be faced with some risks as well. The research aim is to analyse the benefits and risks of the IoT in entrepreneurship. The descriptive method, analysis and synthesis, the induction and deduction methods were used to achieve the aim. The research has revealed that the IoT can provide several opportunities for business in all fields of operations – marketing, logistics, accounting and human resource management. However, businesses may be faced with some challenges related to privacy and security, processing, analysis and management of data, as well as monitoring and sensing.</p></abstract>

The Internet of Things (IoT) is a computing concept that describes the idea of everyday physical objects being connected to the Internet and being able to identify themselves to other devices, and day by day it becomes popular in everyday life as well as in entrepreneurship. The IoT covers broad areas, including manufacturing, the health sector, agriculture, smart cities, security and emergencies among many others. The market for the industrial IoT is estimated to surpass 107 billion euros by 2021 and reach a compound annual growth rate of 7.3% as of 2020. The IoT makes an impact on all industries and provides benefits for various areas of business; however, business may be faced with some risks as well. The research aim is to analyse the benefits and risks of the IoT in entrepreneurship. The descriptive method, analysis and synthesis, the induction and deduction methods were used to achieve the aim. The research has revealed that the IoT can provide several opportunities for business in all fields of operations – marketing, logistics, accounting and human resource management. However, businesses may be faced with some challenges related to privacy and security, processing, analysis and management of data, as well as monitoring and sensing.

Characteristics and Challenges of the Internet of Things in Entrepreneurship

Faculty of Economics and Social Development

Latvia University of Life Sciences and Technologies

Rural Sustainability Research

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Characteristics and Challenges of the Internet of Things in Entrepreneurship"}

The Internet of Things (IoT) is a computing concept that describes the idea of everyday physical objects being connected to the Internet and being able to...

Characteristics and Challenges of the Internet of Things in Entrepreneurship

Published Online: Jul 31, 2020

Page range: 27 - 34

Received: Mar 31, 2020

Accepted: Jun 11, 2020

DOI: https://doi.org/10.2478/plua-2020-0004

Keywords
Internet of Things, IoT benefits, IoT risks

© 2020 Lasma Licite-Kurbe et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Characteristics and Challenges of the Internet of Things in Entrepreneurship

Published Online: Jul 31, 2020

Page range: 27 - 34

Received: Mar 31, 2020

Accepted: Jun 11, 2020

DOI: https://doi.org/10.2478/plua-2020-0004

KeywordsInternet of Things, IoT benefits, IoT risks

© 2020 Lasma Licite-Kurbe et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
Internet of Things, IoT benefits, IoT risks