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The Internet of Things, or IoT, refers to the billions of physical devices around the world that are now connected to the internet, collecting and sharing data. Thanks to cheap processors and wireless networks, it’s possible to turn anything, from a pill to an airplane, into part of the IoT. This adds a level of digital intelligence to devices that would be otherwise dumb, enabling them to communicate without a human being involved, and merging the digital and physical worlds.d.

IoT Extends Internet Connectivity

The Internet of Things extends internet connectivity beyond traditional devices like desktop and laptop computers, smartphones and tablets to a diverse range of devices and everyday things that utilize embedded technology to communicate and interact with the external environment, all via the Internet.

How big is the Internet of Things?

Big and getting bigger — there are already more connected things than people in the world. Analyst Gartner calculates that around 8.4 billion IoT devices were in use in 2017, up 31 percent from 2016, and this will likely reach 20.4 billion by 2020. Total spending on IoT endpoints and services will reach almost $2tn in 2017, with two-thirds of those devices found in China, North America, and Western Europe, said Gartner.

Out of that 8.4 billion devices, more than half will be consumer products like smart TVs and smart speakers. The most-used enterprise IoT devices will be smart electric meters and commercial security cameras, according to Gartner.

Real World Applications of IoT:

1. Smart Home
With IoT creating the buzz, ‘Smart Home’ is the most searched IoT associated feature on Google. But, what is a Smart Home?

Wouldn’t you love if you could switch on the air conditioning before reaching home or switch off lights even after you have left home? Or unlock the doors to friends for temporary access even when you are not at home. Don’t be surprised with IoT taking shape companies are building products to make your life simpler and convenient.

Smart Home has become the revolutionary ladder of success in the residential spaces and it is predicted Smart homes will become as common as smartphones.

The cost of owning a house is the biggest expense in a homeowner’s life. Smart Home products are promised to save time, energy and money. With Smart home companies like Nest, Ecobee, Ring, and August, to name a few, will become household brands and are planning to deliver a never seen before experience.