What is the Internet of Things?

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The Internet of Things (IoT) refers to the vast world of interconnected devices with embedded sensors which are capable of providing data, and in some cases, being controlled, across the Internet. Common examples include many home automation devices, like smart thermostats and remotely controllable lighting fixtures, but there are countless others, from traffic sensors to water quality meters to smart electric grid components to tracking manufactured goods and vehicle fleets worldwide.
Because of the rapid growth in the IoT space, there are a number of competing standards, tools, projects, policies, frameworks, and organizations hoping to define how connected devices communicate in the modern era.Open source and open standards will become increasingly important to ensure that devices are able to properly interconnect, as well as for the back end of processing the enormous volumes of big data that all of these devices will generate.