IOT refers to Internet of things.
The internet of things, or IoT, is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network – the internet- without requiring human-to-human or human-to-computer interaction.
IoT has evolved from the convergence of wireless technologies, microelectromechanical systems, mi and the internet. The convergence has helped in enabling unstructured machine-generated data to be analyzed for insights to drive improvements.
IOT has numerous applications. Few of them are listed below:
- Smart homes and cities
- Digital wearables
- Remote patient care
- Connected cars
- Smart farming
IOT brings efficiency in the systems and thereby helps in reducing costs and increasing productivity and profitability.
More and more devices are being connected to IOT and business in this segment is also increasing.Gartner assesses that 20.8 billion connected things will be in use by 2020, with total spend on IoT devices and services to reach $3.7 trillion in 2018.