The University of Southampton
University of Southampton Institutional Repository

Estimating the impact of the Internet of Things on productivity in Europe

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, impact, evaluation of new technology, growth accounting
2405-8440
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
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), 1-7, [e03935]. (doi:10.1016/j.heliyon.2020.e03935).

Record type: Article

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
Download (74kB)
Text
1-s2.0-S2405844020307805-main - Version of Record
Download (303kB)

More information

Accepted/In Press date: 4 May 2020
e-pub ahead of print date: 15 May 2020
Published date: May 2020
Keywords: Internet of things, Productivity, impact, evaluation of new technology, growth accounting

Identifiers

Local EPrints ID: 441009
URI: http://eprints.soton.ac.uk/id/eprint/441009
ISSN: 2405-8440
PURE UUID: 9b4a34bb-a40d-47ca-b015-8808ea00acfc
ORCID for Frank McGroarty: ORCID iD orcid.org/0000-0003-2962-0927

Catalogue record

Date deposited: 27 May 2020 16:54
Last modified: 12 Jun 2020 00:28

Export record

Altmetrics

Contributors

Author: Hector Espinoza
Author: Gerhard Kling
Author: Frank McGroarty ORCID iD
Author: Mary O'Mahoney
Author: Xenia Ziouvelou

University divisions

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

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton: eprints@soton.ac.uk

ePrints Soton supports OAI 2.0 with a base URL of http://eprints.soton.ac.uk/cgi/oai2

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.

×