Interconnection of logically and/or physically related physical and virtual things to gather data to analyze, manage and make decisions.

IoT devices are growing at the rate of 10% per year Businesses already collecting data regarding your browsing behavior for the purpose of targeted sales.
Why not expand the data collection by adding devices in a group that is beneficial to any decision making such as medical, farming, device management, weather, and sports to name a few.

IoT is a concept of connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from cell phones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of. This also applies to components of machines, for example a jet engine of an airplane or the drill of an oil rig – Forbes. The IoT is a giant network of connected “things” (which also includes people).

The relationship will be between people-people, people-things, and things-things. The dominant consumer IoT device, worldwide, is the smart TV. Between 25-35% cent of consumers worldwide owns a television that can connect to the Internet, according to Deloitte research. However, other areas of the IoT market are growing rapidly. Organizations in a variety of industries are using IoT to operate more efficiently, better understand customers to deliver enhanced customer service, improve decision-making and increase the value of the business. An IoT ecosystem consists of web-enabled smart devices that use embedded processors, sensors and communication hardware to collect, send and act on data they acquire from their environments. IoT devices share the sensor data they collect by connecting to an IoT gateway or other edge device where data is either sent to the cloud to be analyzed or analyzed locally.

Connect electronics, software, sensors etc. and allow them to communicate with each other to produce a better experience. Example an iPhone has gyroscope, compass, GPS, contact list, addresses, search engines, cameras, locks, parking, face identification, etc. Things that took hours now are on your fingertip saving great deal of time. Remote medicine, prescriptions, automated driving, drone fighters, etc.
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