Internet of Things is set to digitize the world, with sensory technology in devices, feeding real time data to the internet. It is projected to have economic impact of $3.9 trillion to $11.1 trillion by 2025.
Such impact requires favorable groundwork, like interoperability between IoT systems and data generated must be used to its maximum. There is large potential in developing countries; customers will capture most benefits with users in businesses and other organization with remote monitoring in healthcare etc. The digitization of machines is a revolutionary idea, and even shows promise at this infant stage. Capturing full potential will require innovation and investment.To know more: http://www.mckinsey.com/insights/business_technology/the_internet_of_things_the_value_of_digitizing_the_physical_world

 Internet of Things (IoT) is the new trend in the world of technology. There are three factors which contribute to the growth of IoT. They are: Computer chips with radio communications built in are getting inexpensive, the cost of packaging small quantities of units has dropped with the growth of 3D printing and Sensor Technology has become more advanced, making sensors easy to build.  Recently, a number of groups have been formed in order to define standards for Internet of Things. Also, "Open Interconnect Consortium" standard have been established by various companies. To know about the various standards in IoT, follow this link:  :  http://www.networkcomputing.com/cloud-infrastructure/iot-standards-which-will-prevail/a/d-id/1307046