Internet of Things (IoT) is the third wave of Internet and is supposed to have a potential
to connect about 28 billion items by 2020, ranging from bracelets to cars. The term “IoT,”
which was first proposed by Kevin Ashton, a British technologist, in 1999, has the potential
to impact everything from new product opportunities to shop floor optimization to fac-
tory worker efficiency gains that will power top-line and bottom-line gains. It is believed
that IoT will improve energy efficiency, remote monitoring, and control of physical assets
and productivity through applications as diverse as home security to condition monitor-
ing on the factory floor. Now IoT has been used in markets in the field of health care, home
appliances and buildings, retail markets, energy and manufacturing companies, mobility
and transportation, logistics companies, and by media.