Data Related Concepts

Internet of Things

The internet of things, or IoT, is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. The internet of things helps people live and work smarter, as well as gain complete control over their lives. IoT enables companies to automate processes and reduce labour costs. Statista reported that the total dollars spent on IoT solutions globally is anticipated to almost double in 2021, up to $418 billion from $248 billion and rise to $ 1,567 billion by 2025.