The Internet of things (stylised Internet of Things or IoT) is the internetworking of physical devices, vehicles (also referred to as "connected devices" and "smart devices"), buildings, and other items—embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to collect and exchange data. In 2013 the Global Standards Initiative on Internet of Things (IoT-GSI) defined the IoT as "the infrastructure of the information society." The IoT allows objects to be sensed and/or controlled remotely across existing network infrastructure, creating opportunities for more direct integration of the physical world into computer-based systems, and resulting in improved efficiency, accuracy and economic benefit. When IoT is augmented with sensors and actuators, the technology becomes an instance of the more general class of cyber-physical systems, which also encompasses technologies such as smart grids, smart homes, intelligent transportation and smart cities. Each thing is uniquely identifiable through its embedded computing system but is able to interoperate within the existing Internet infrastructure.

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"The report "Internet of Things (IoT) Market by Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, & Network Bandwidth Management), Platform, Service, Application Domain, and Region - Global Forecast to 2021", The IoT market is estimated to grow from USD 157.05 Billion in 2016 to USD 661.74 Billion by 2021, at a compound annual growth rate (CAGR) of 33.3%. The major forces driving the IoT market are development of cheaper and smarter sensors, evolution of high speed networking technologies, and rising adoption of cloud platforms across industry verticals. Furthermore, increasing penetration of connected devices has unleashed the growth potential through predictive maintenance, security, and analytics which is expected to drive the market during the forecast period."

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