Estimating the impact of the Internet of Things on productivity in Europe
Estimating the impact of the Internet of Things on productivity in Europe
The Internet of Things (IoT) refers to interconnected devices and objects that collect and transmit data via the Internet. The IoT is an evolving technology, promising to revolutionise industries, but also demanding far-reaching policy changes (e.g. in terms of data security and privacy), which involve significant resources. This paper reviews the evidence on uptake and the economic impact of the IoT during its early years of inception. It uses a growth accounting framework to evaluate the likely impact of the IoT on productivity. Estimating the effect of new technologies on productivity is an essential step in evaluating the ‘economic value-added’, justifying resources dedicated to facilitating the adoption of innovations. We find a positive impact of the IoT on productivity, however relatively small, given that the IoT is still at an early stage of development. We present projections on the impact of the IoT under a number of scenarios.
Internet of things, Productivity, evaluation of new technology, growth accounting, impact
1-7
Espinoza, Hector
02e13b80-3f22-4e84-b00e-7c46f52c6dbf
Kling, Gerhard
bc781eba-8ab7-42e9-a1ab-8befb10f6d1d
McGroarty, Frank
693a5396-8e01-4d68-8973-d74184c03072
O'Mahoney, Mary
0ff22f5b-67c7-4fe0-aba8-201d417316a2
Ziouvelou, Xenia
f348404d-47c0-479f-9371-311cf7917e48
May 2020
Espinoza, Hector
02e13b80-3f22-4e84-b00e-7c46f52c6dbf
Kling, Gerhard
bc781eba-8ab7-42e9-a1ab-8befb10f6d1d
McGroarty, Frank
693a5396-8e01-4d68-8973-d74184c03072
O'Mahoney, Mary
0ff22f5b-67c7-4fe0-aba8-201d417316a2
Ziouvelou, Xenia
f348404d-47c0-479f-9371-311cf7917e48
Espinoza, Hector, Kling, Gerhard, McGroarty, Frank, O'Mahoney, Mary and Ziouvelou, Xenia
(2020)
Estimating the impact of the Internet of Things on productivity in Europe.
Heliyon, 6 (5), , [e03935].
(doi:10.1016/j.heliyon.2020.e03935).
Abstract
The Internet of Things (IoT) refers to interconnected devices and objects that collect and transmit data via the Internet. The IoT is an evolving technology, promising to revolutionise industries, but also demanding far-reaching policy changes (e.g. in terms of data security and privacy), which involve significant resources. This paper reviews the evidence on uptake and the economic impact of the IoT during its early years of inception. It uses a growth accounting framework to evaluate the likely impact of the IoT on productivity. Estimating the effect of new technologies on productivity is an essential step in evaluating the ‘economic value-added’, justifying resources dedicated to facilitating the adoption of innovations. We find a positive impact of the IoT on productivity, however relatively small, given that the IoT is still at an early stage of development. We present projections on the impact of the IoT under a number of scenarios.
Text
IoT_impact_April_2020
- Accepted Manuscript
Text
1-s2.0-S2405844020307805-main
- Version of Record
More information
Accepted/In Press date: 4 May 2020
e-pub ahead of print date: 15 May 2020
Published date: May 2020
Additional Information:
Funding Information:
This work was supported by the EU/FIRE IoT Lab project – STREP ICT-610477 .
Publisher Copyright:
© 2020 The Authors
Keywords:
Internet of things, Productivity, evaluation of new technology, growth accounting, impact
Identifiers
Local EPrints ID: 441009
URI: http://eprints.soton.ac.uk/id/eprint/441009
ISSN: 2405-8440
PURE UUID: 9b4a34bb-a40d-47ca-b015-8808ea00acfc
Catalogue record
Date deposited: 27 May 2020 16:54
Last modified: 17 Mar 2024 02:57
Export record
Altmetrics
Contributors
Author:
Hector Espinoza
Author:
Gerhard Kling
Author:
Frank McGroarty
Author:
Mary O'Mahoney
Author:
Xenia Ziouvelou
Download statistics
Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.
View more statistics