Characterising IoT for Smart development: Anaylsing the challenges

Industry 4.0 is all about putting industrial data from multiple sources into a data lake and then using analytics, artificial intelligence, machine learning to utilize the data for businesses. The primary reason for that is the advent of the Internet of Things (IoT). IoT has enabled uninterrupted sharing and exchange of data for its users from the consumer to the industrial level. Although still in the nascent stage of evolution, IoT has the potential to significantly impact business outcomes and will be instrumental in bringing a transformation in the way we communicate and exchange information. However, there remains a considerable gap in identifying the challenges in the implementation of IoT platforms and techniques. This paper aims at presenting a comprehensive analysis of the major challenges in the implementation of IoT and classifies them into two broad categories-technological and managerial according to the opinions of the experts. An attempt has been made herein to create a hierarchy depicting the key challenges where the researchers and industry should focus their attention and make better strategic decisions. A multi-criteria decision-making method known as the Best-Worst Method (BWM) has been used to rate the challenges. Results show that power requirement is the major challenge in technological challenges and maintenance is the major challenge in managerial challenges.