IoT stands for "The Internet of Things". It is a broad concept used to describe the creation of a “Smart” product or system where “Things” are inter-connected via wireless and/or wired networks. The “Things” are physical devices, equipment, machines, computers or screens – of any size – that are embedded with software applications, sensors and electronics. The embedded components enable “Things” to connect and exchange data that monitors, analyzes and controls the Smart product or community of products.
The goal of an Internet of Things system is to streamline activities and processes to make the “Thing” more valuable so that users can do their jobs or live their lives more easily.
It can also be called Machine-to-Machine (M2M).