Enhancing IoT Technology Acquisition in Emerging Economies: Insights and Recommendations Using Analytical Case Study Review of IoT Startups

Abstract

The rapid growth of the Internet of Things (IoT) presents emerging economies with an invaluable opportunity to reshape their market standings and reach a competitive advantage. Nonetheless, the acquisition and development of IoT technologies poses significant challenges for businesses in these areas. This study explores the factors affecting IoT technology acquisition and advancement by smart mobility businesses in this market. Through a review of literature and case studies, the research identifies key strategies and their characteristics. We focus on critical factors such as infrastructure constraints, technology acquisition, regulatory frameworks, business structures, and strategic alliances by analyzing related startups engaged in IoT products and services, each with distinct features. Additionally, this research utilizes the Capability Maturity Model to evaluate and enhance technological capabilities and business processes according to their readiness levels. Based on the results obtained, we emphasize the necessity of approaches tailored to specific needs and obstacles. Employing a mixed-methods approach, including conceptual studies, thematic analysis, interviews, questionnaires, and advanced machine learning techniques, the study sheds light on the strategic decisions, technological trends, and achievements of IoT-focused businesses. Therefore, it underscores the importance of recognizing technological trends and the pivotal role of data-driven analytics in strategic decision-making for technology adoption.