The Internet of Things and Transition to the Post-Industrial Economy Bypassing the Industrial Stage: A Chance for Developing Countries

  • Ariadna Aleksandrova, Yuri Truntsevsky, Marina Polutova

Abstract

New advances in information technology have a strong impact on various industries. The Internet of things is a new concept that can significantly improve the efficiency and scalability, as well as save time and costs of industrial enterprises. The purpose of the research is to assess the impact of the widespread introduction of new digital technologies on the development of the country's economy. The analysis of the digital quality of life and its correlation with the indicators of economic development is carried out. The study is based on the statistical data from open sources, as well as international studies and world rankings to conduct a descriptive analysis of the impact of information technologies on the various aspects of economic development in the era of industrialization. To assess the economic growth potential in the digital economy, several relevant indicators have been selected: GDP per capita; domestic research and development expenditure; the digital quality of life index. It has been concluded that digitalization and the development of the Internet of things, in particular, determine the active growth of the economy and provide developing countries with great potential.

Published
2020-05-14