The Internet of Things is here to stay. Bain predicts that annual IoT vendor revenues could exceed $450 billion. That same survey found that about 90% of respondents remain in the planning and proof-of-concept stage and only about 20% expect to implement solutions at scale by 2020. At CES this year, apart from the theme of “Alexa everywhere”, there were many examples of existing products becoming smart and connected.
Ask 10 people for a definition of IoT and you will get a dozen different answers. My favorite definition is from openSAP combined from by Gartner, Wikipedia, and Digital Trends,:
“The Internet of Things (IoT) is the network of physical objects that contain embedded technology to sense and interact with their environment and each other to collect and exchange data to make our lives better.”