IoT-Driven Transformation of Circular Economy Efficiency: An Overview

Abstract

The intersection of the Internet of Things (IoT) and the circular economy (CE) creates a revolutionary opportunity to redefine economic sustainability and resilience. This review article explores the intricate interplay between IoT technologies and CE economics, investigating how the IoT transforms supply chain management, optimises resources, and revolutionises business models. IoT applications boost efficiency, reduce waste, and prolong product lifecycles through data analytics, real-time tracking, and automation. The integration of the IoT also fosters the emergence of inventive circular business models, such as product-as-a-service and sharing economies, offering economic benefits and novel market opportunities. This amalgamation with the IoT holds substantial implications for sustainability, advancing environmental stewardship and propelling economic growth within emerging CE marketplaces. This comprehensive review unfolds a roadmap for comprehending and implementing the pivotal components propelling the IoT’s transformation toward CE economics, nurturing a sustainable and resilient future. Embracing IoT technologies, the authors embark on a journey transcending mere efficiency, heralding an era where economic progress harmonises with full environmental responsibility and the CE’s promise.