- The Internet of Things (IoT) refers to a network of physical devices equipped with sensors, software, and other technologies which enable them to connect and exchange data with one another and with other systems over the internet. These inter-connected devices can range from commonplace household items to sophisticated industrial tools.
- In the context of trade in services, IoT's value lies primarily in its ability to enhance service delivery, optimize operations, and create new business models. IoT enables service providers to monitor performance in real time, anticipate maintenance needs, personalise offerings, and improve customer experiences.
- For instance, IoT facilitates improved logistics through real-time tracking of goods, predictive maintenance for reducing downtime in manufacturing services, and enhanced data analytics for financial service providers.