The Internet of Things (IoT) is an umbrella term for the ever-expanding network of physical items, vehicles, home appliances, and other devices that are equipped with electronics, software, sensors, actuators, and connectivity. This enables them to connect, collect and exchange data without requiring human-to-human or human-to-computer interaction. This system offers many advantages, including connectivity, automation, data collection, interoperability, and security.
The potential of the IoT is far-reaching, with estimates that it could generate up to $11 trillion in economic value by 2025. Businesses can use the IoT to optimize processes and services, increase efficiency, and reduce costs, while consumers can benefit from more convenience and enhanced experiences.
The IoT is revolutionizing the way we work, live, and play, and its impact on the global economy will only continue to grow as the technology advances.