Convenience, opportunities, risks and challenges of IoT for individual and business consumers: Systematic literature review from 2010 to 2022

Abstract

IoT offers control over devices and enables users to have real-time monitoring, increased efficiency, and reduced energy costs. As the technology is in its infancy stage, there are several domains that need to be studied. Researchers have made contributions to analyze the key aspects of IoT, including its usage, benefits, risks, and requirement for technological infrastructure. Furthermore, studies were conducted from the consumer’s perspective, aiming to know their preferences and adoption behaviors. This systematic review of literature, based on previous studies from 2010 to 2022, aims to enrich literature while presenting a comprehensive and detailed review of 42 articles from 43 journals and international conferences. The reviewed articles have been selected from databases including Scopus, Web of Science, and Science Direct. The theory development, characteristics, context, and methodology framework (TCCM) has been used to examine these four aspects in consumer behavior regarding IoT devices. The review presents an overview of research in this area and also presents future research directions to spur scholarly research. The research’s contribution to academia and industry is that it provides useful information regarding key aspects of IoT while suggesting new ways for further improvements. The research provides key insights to the IoT industry and how they can overcome product and adoption-related challenges.