Internet of Things and Competitive Advantage

The study aimed at finding out how internet of things (IoT) affects competitive advantage of a firm. In this study, the Porter's Five Forces of Competitive Position Analysis model and the model of technology, Organization and environment (TOE) were reviewed. TOE framework was reviewed because the three elements in the framework explain both constraints and opportunities that organization face in technological innovation. Therefore the three elements influence the way a firm sees the need for, searches for, and adopts new technology. This study is exploratory and adopted theoretical analysis of the relevant studies. From the analysis, the study revealed the following the IoT has the potential to grow global corporate profits by 21% in 2022, The IoT is advancing exponentially that its potential uses are beyond the reach of speculation, Internet of Things or IoT promises to make consumers? lives more efficient, more convenient, and more enjoyable, and to transform industries by enabling new services, new business models, and new experiences hence giving firms a competitive edge, Strong data privacy and security practices are a potential source of competitive advantage.