The IoT connects computer networks, machines, actuators, sensors, and devices globally; and blends the physical world with the virtual world of the Internet and software. It enables companies and consumers to create and enjoy innovative services via the creation of unique business models.
The Institute of Technology Management at the University of St. Gallen, Switzerland, concluded in its research that IoT services are profitable for manufacturers. IoT not only has a major impact on the way companies do business but also on revenue generation through cost savings.
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