Potential applications of internet of things: A comprehensive analysis

Internet of Things (IoT) is the amalgamation of hardware, like sensors and trackers, which monitor several parameters of the environment or physical objects, and software that processes all the data gathered by hardware. Globally, the IoT market is anticipated to reach 53.8 billion USD by 2025. This enhancing demand is due to its innate ability to automate, which drives several industries to adopt IoT. In addition, minimum memory cost, processing, and storage with an increase in Big Data (BD), cloud, and conjunction of industrial networks and the internet are the added factors for the increase in IoT development. Due to this significance, IoT has applications in numerous areas like medical management, farming, wearable technology, smart energy meters, smart cities, etc. The applications are not limited to the examples mentioned above. Considering this, existing studies have considered different applications and attempted to execute them. As different applications have been focused on by these studies, the present review intends to provide a compilation of potential applications of IoT as considered by conventional research between 2018 and 2022. The study also intends to explore the advantages and disadvantages of different IoT applications (deliberated by conventional studies) through tabular analysis. Further, this review emphasizes IoT’s major key challenges and countermeasures to resolve its security issues. Finally, the study affords recommendations that will assist all IoT experts in bringing IoT products with enhanced security into the market.