Source: 'Although the industry will benefit tremendously from IoT technology, consumer end users will drive almost two-thirds of IoT supplier revenue'. The internet plays an increasingly important role in the modern world, not only at the level of infrastructure but also in culture, society and business. The Internet of Things (IoT) extends that role to an increasingly diverse range of devices and communications streams, many of which will be essentially machine-to-machine communications, rather than involving a person at either endpoint.
Gartner defines the IoT as the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment. It encompasses hardware (the "things" themselves), embedded software, communications services and information services associated with the things.”