Glossary

Internet of Things

The Internet of Things (IoT) is the network of physical devices—from vehicles and home appliances, to industrial sensors and actuators—and the network connectivity that enables each device to exchange data.

IoT is one of the world’s most rapidly growing technologies. In fact, by 2020 the global IoT market is projected to reach $8.9 trillion and the installed base of IoT devices will grow to almost 31 billion worldwide.

Currently, B2B IoT segments are predicted generate more than $300 billion per year by 2020, including $85 billion in the industrial vertical. Meanwhile, consumer applications will generate $150 billion in that same timeframe.