Exploring the Full Potentials of IoT for Better Financial Growth and Stability: A Comprehensive Survey

Abstract

Cutting-edge technologies, with a special emphasis on the Internet of Things (IoT), tend to operate as game changers, generating enormous alterations in both traditional and modern enterprises. Understanding multiple uses of IoT has become vital for effective financial management, given the ever-changing nature of organizations and the technological disruptions that come with this paradigm change. IoT has proven to be a powerful tool for improving operational efficiency, decision-making processes, overall productivity, and data management. As a result of the continuously expanding data volume, there is an increasing demand for a robust IT system capable of adeptly handling all enterprise processes. Consequently, businesses must develop suitable IoT architectures that can efficiently address these continually evolving requirements. This research adopts an incremental explanatory approach, guided by the principles of the Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA). A rigorous examination of 84 research papers has allowed us to delve deeply into the current landscape of IoT research. This research aims to provide a complete and cohesive overview of the existing body of knowledge on IoT. This is accomplished by combining a rigorous empirical approach to categorization with ideas from specialized literature in the IoT sector. This study actively contributes to the ongoing conversation around IoT by recognizing and critically examining current difficulties. This, consequently, opens new research possibilities and promotes future developments in this ever-changing sector.