Implementation of Internet of Things in the Market of Bosnia and Herzegovina

The potential benefits of Internet of Things (IoT) are numerous and diverse spreading through all areas of everyday life of individuals, enterprises and society as a whole. Telecommunications sector enjoys a central role in the world of IoT because of owning communication infrastructure and already built relationship of trust with a variety of users including control of large amounts of data about them and their online activities. The growth of IoT requires the change of current communication infrastructure including wireless and wired networks being used in order to fulfill the market needs. In order to provide scalability and flexibility which are required by the market to maximize the potential of IoT, the standardization is needed. Therefore, this paper is intended to the telecommunication sector of Bosnia and Herzegovina with the aim to highlight the importance of necessity of coordinated development of business models and communication infrastructure according to the relevant standards and market needs.