۱- Introduction

۲- Foundations, boundaries, and approach

۳- Literature review and synthesis

۴- Theoretical framework and conceptual model

۵- Conclusions

References

Abstract

The Internet of Things (IoT) global arena is massive and growing exponentially. Those in the emerging digital world have recently witnessed the proliferation and impact of IoT-enabled devices. The IoT has provided new opportunities in the technology arena while bringing several challenges to an increased level of concern. This research has both practical and theoretical impetus since IoT is still in its infancy, and yet it is considered by many as the most important technology initiative of today. This study includes a systematic review and synthesis of IoT related literature and the development of a theoretical framework and conceptual model. The review of the literature reveals that the number of applications that make use of the IoT has increased dramatically and spans areas from business and manufacturing to home, health care, and knowledge management. Although IoT can create invaluable data in every industry, it does not occur without its challenges. The theoretical framework developed identifies IoT priority areas and challenges, providing a guide for those leading IoT initiatives and revealing opportunities for future IoT research.

Introduction

Executives believe the Internet of Things (IoT) to be the most important emerging technology, ranking it above others such as artificial intelligence and robotics (Insights Team, 2017e). Burrus (2014, par. 13) agrees, stating “Of all of the technology trends that are taking place right now, the biggest one is the Internet of Things; it’s the one that’s going to cause the most disruption as well as provide the most opportunity over the next five years.” IoT has gained ground around the globe verified by a study published in Forbes Insights of more than 500 executives based in Europe, the Americas, and Asia-Pacific – representing a range of industries from companies with at least 500 employees. Ninety percent of surveyed executives who are leading IoT initiatives (Insights Team, 2017c) indicated that IoT will be important to the future of their business. Insights Team (2017d) reported that about 30 billion devices could be in play by 2020, and by 2025, the number could top 75 billion. Lund, MacGillivray, Turner, and Morales (2014) expect the worldwide market for IoT solutions to grow to $7.1 trillion in 2020. This revenue forecast encompasses the full breadth of the IoT ecosystem including intelligent and embedded systems shipments, connectivity services, infrastructure, purpose-built IoT platforms, applications, security, analytics, and professional services. Irrespective of the variation in numbers, all predictions point to tremendous growth in IoT adoption and usage. With the IoT considered a disruptive emerging technology, yet an extremely important one, we believe that a comprehensive review inclusive of IoT priority areas and challenges will provide an integrated perspective of the IoT and serve as a repository for the accumulated knowledge. The goal is to synthesize the existing IoT literature to inform an understanding of the IoT. Building on this knowledge, we will provide a theoretical framework and conceptual model including the IoT adoption and implementation guide for practitioners and directions for future research. Our review presents an analysis of IoT including proposed definitions, architectures, applications, and impact. Drawing from this extensive review, priority areas and challenges are identified as well as gaps in the literature, which provided substantive directions for a new theory. The theory, labeled “Theoretical Framework and Conceptual Model for IoT Adoption and Implementation”, is discussed in detail. The paper is organized as follows: Foundations, boundaries, and research approach are addressed followed by an extensive review and analysis of the IoT literature. Based on this analysis, the theoretical framework and conceptual model are presented, and contributions of the theory are discussed.