The Internet of Things (IoT) ideology can be looked at as a highly dynamic and radically distributed networked system composed of a very large number of identifiable smart objects.
Equipped with information and communication technology, these objects can store their context and as they are networked together, they are able to access Internet services and interact among themselves and with human beings.
IDC predicts that the Internet of Things market will exceed $3 trillion by 2020.
According to Gartner, a typical household could potentially contain nearly 500 Internet-enabled devices by the year 2022.
According to Business Insider, a total of 24 billion IoT devices is expected to be connected to the Internet by 2020 surpassing the 10 billion traditional computing devices such as smartphones, tablets and desktop computers.