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The Internet of Things (IoT)
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Put simply, IoT is about connecting and controlling the different objects in our world with the help of the Internet. With proliferating IT analytics, cloud computing, smart devices and apps, IoT is rapidly connecting businesses, processes and people on a scale that was previously inconceivable. Research from McKinsey estimates that IoT applications could deliver a potential economic impact of as much as $11.1 trillion per year by 2025.
IoT revolves around increased machine-to-machine communication. Built on cloud computing and networks of data-gathering sensors, it delivers a mobile, virtual and immediate connection. And it has the power to make everything “smart”. According to Cisco, 500 billion devices are expected to be connected to the Internet by 2030. Each device includes sensors that collect data, interact with the environment, and communicate over a network.