The Internet of Things (IoT) is the inter-networking of physical devices, vehicles, buildings, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data. The IoT allows smart, connected objects to be sensed 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 in addition to reduced human intervention.

The economic impact and benefits of the IoT will be huge. Gartner predicts that the aggregated value and economic benefit of the IoT will exceed $1.9 trillion in the year 2020 alone. The analysts at McKinsey & Company (who predicted for us in 2012 the current, and worsening, shortage of data scientists to manage and work with big data) have looked at the IoT also and have identified 6 major benefits (at least) that the IoT will bring: