The current trend of low rate of demand of crude oil as compared to supply rate has resulted in a considerable decline in the price of crude oil since 2014. Since the lifting of global sanctions from Iran, the supply of crude oil has increased significantly. The demand for electric vehicles has increased over the last few years in lieu of the impending climate change, thus, the demand for crude oil has decreased drastically, especially in China, and the increased production of shale oil in the U.S. are collectively affecting the prices of crude oil, which is not expected to gain momentum in the coming years.
Modern technology has changed the lifestyle of people and is still evolving. Internet of Things (IoT) emerged as a boon for the technological and virtual world, by connecting the electronic devices across the globe to send and receive data. The latest development in this industry is sensors in Internet of Things (IoT), which are co-efficient and eco-friendly in nature. Internet of Things (IoT) is a swiftly growing industry and has a potential to become huge in the future.