Internet of Things (IoT) can be understood as connecting everything including people, places and objects to the internet. Basically, anything you can attach a sensor too and connect to the internet can participate in new ecosystems. Devices which we would have never imagined connecting to the internet, are now part of IoT. It has given the power to objects to communicate without any human intervention.

The IDC expects global IoT spending will return to double-digit growth rates in 2021 and achieve a compound annual growth rate (CAGR) of 11.3% over the 2020-2024 forecast period.