Analysis of Factors Influencing Adoption of Internet of Things: A System Dynamics Approach

Abstract

The Internet of things (IoT) has become an interesting topic of research as it assimilates several sensors and objects to communicate directly with one another without human interference. IoT helps businesses and society in many ways such as it improves public safety, transportation, and healthcare by providing better information and faster communications. The adoption of IoT is going to create a persistent impact on society and business. This paper develops a model based on system dynamics and identifies the factors influencing IoT adoption. The dominant factors of IoT adoption are communication, control and automation, efficient business processes, self-configuration, and cost savings. IoT adoption is also affected by negative factors including privacy risks and security risks, interoperability, reliability, poor infrastructure, less skilled IT professionals, etc. Businesses can reap the potential benefits of IoT by solving the issues related to their adoption. Besides, this paper attempts to derive a framework for the successful adoption of IoT in organizations. This study is, therefore, a significant contribution towards understanding the factors that influence the adoption of IoT in businesses.

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