Transforming Malaysia's Economic Landscape: The Pivotal Role of the Internet of Things (IoT)

• Published in: 2023 IEEE 21st Student Conference on Research and Development (SCOReD) pp. 463 - 468
• Main Authors: Justin, Jerry, Razali, Nurul Farhaini, Badaruddin, Mohd Nizam A.
• Format: Conference Proceeding
• Language: English
• Published: IEEE 13-12-2023
• Subjects: Agriculture; Costs; Economic Growth; Healthcare; Internet of Things; Manufacturing; Productivity; Scalability; Smart cities; Smart City; Smart Home; Technological innovation; Transportation; Wearables
• ISSN: 2643-2447
• DOI: 10.1109/SCOReD60679.2023.10563516

This paper examines the role of the Internet of Things (IoT) in driving Malaysia's economic growth, delving into its multifaceted impacts and enhancement strategies. IoT's network of interconnected devices profoundly influences diverse sectors, and this paper systematically dissects both its positive and negative ramifications. The literature review section highlights IoT's architecture and its applications in diverse fields like smart cities, wearables, smart homes, manufacturing, agriculture, and transportation. IoT's potential to increase productivity, reduce costs, less energy consumption, and improve decision-making is emphasized. The paper highlights specific sectors in Malaysia where the implementation of IoT could produce a significant number of economic benefits. In healthcare, wearable devices and remote monitoring can reduce healthcare expenses. In agriculture, plant farming through IoT can increase crop yields and efficient resource usage. IoT-based automation in manufacturing can increase productivity. New job opportunities and innovation from AI are stressed as economic growth drivers. Challenges like scalability, security, interoperability, and ethical concerns help in highlighting IoT's positive impact on economic development. By analysing IoT's implications and lessons from successful implementations, this study contributes great knowledge into how Malaysia can utilize IoT to promote economic growth and innovation.