Expanding Internet of Things into the New Markets

Abstract

Internet of Things technologies have emerged as a significant area for practical application and academic investigation in recent years. IoT technologies are revolutionizing the operational frameworks of diverse economic sectors, enhancing efficiency, and creating new economic and social prospects. At the same time, businesses increasingly require prompt, data-driven managerial decisions, which are crucial for identifying new markets and assessing the most promising sectors for growth. However, as IoT technologies rapidly expand, the management field lacks a decision-making tool that would enable successful IoT technology development in new markets. The research object concerns IoT technology development in a new market. The aim of the study is based on the analysis to create a conceptual model for IoT technology development decisions in a new market. The research will involve analyzing scientific and methodological literature, identifying key components, comparing information, grouping, and graphical visualization.