The Internet of Things (IoT) has taken the entire technological industry by storm. It has not only created pathways for new technological developments but also opened new economic avenues for people across the world. Furthermore, the closer integration it enjoys with our daily lives has made it an indispensable part of our generation. Along with the internet and smartphone economies, the Internet of Things (IoT) economy has established the triumvirate of the neoclassical model of economics which will only continue to evolve from the infantile state it currently is in. From the technological maturity perspective, the IOT is still in infancy. It has successfully tackled the survival challenges that any newborn faces but now to take a leap into the adulthood it needs to overcome certain critical challenges that it faces.
The quandary, plight and the predicament of the IoT can be summarized as below: