We are now entering into a new era of information technology, where businesses are increasingly capitalizing on innovative tools and equipment to optimize their efficiency and performance. In this light, industry experts are experimenting with the capabilities of Internet of Things (IoT).

Based on the intelligence framework, IOT has a potential to connect billions of things across the globe with the universal cloud neural network. It comprises of smart machines communicating and interacting with other objects, machines, infrastructures, and environment. Accordingly, huge data volumes are generated, which are smartly processed to useful output to command & control things that makes our lives easier, safer, and faster.

According to a study conducted by one of the leading market research firms, Gartner, the total value added from IOT from all the industries worldwide is anticipated to reach approximately US$1.9 trillion by the year 2020.

Let's take a quick glance at various factors that have contributed to the popularity of IOT in this competitive global landscape

Cloud computing technology, multiplying big data, mobile applications, and social media platforms are the four pillar of the current IT industry that have made technology a part of our everyday life. In addition, the convergence of universal events and trends has made IOT a reality.

The other factors include:

- Declining costs for manufacturing smart devices due to a drop in the prices of silicon chips
- Reducing device costs triggered by proliferation of machines and gadgets
- Expanding cellular networks causing increased bandwidth and signals
- More efficient wireless and wired communication
- Encouraging government-backed incentives for conducting more capital outlays in the new areas
- Declining costs for IOT connectivity as service  providers are charging less for data connections

When IOT sense and connect devices through the Internet, they perform beyond the local embedded processing systems to access as well as take benefits of remote computing nodes. This, in turn, allows a machine to execute more sophisticated analyses, while making complex business decisions. It further helps organizations to respond quickly to their local needs, without the need of any human intervention.

Thus, as experts say, Internet of Things is expected to boost the global economy while improving the citizens thriving in the ecosystem.