Chris Neiger: What Is the Internet of Things?

The purpose of the Internet of Things is to track and manage data from devices and equipment -- but the IoT moniker stands for far more than just gadgets.

Defining the Internet of Things (IoT) can be simplified down to the connection of everyday things -- like homes, industrial equipment, watches, etc. -- to the internet, for the purpose of collecting data, tracking usage, and automating systems. While it encompasses many technological devices, it's important to remember that the Internet of Things spans across all major sectors. The amount of connected IoT objects will reach 50 billion by 2020 and will be worth $7.1 trillion by that same year.