This document discusses the Internet of Things (IoT) and provides an overview of key concepts:
1) The "perfect storm" of falling sensor costs, ubiquitous connectivity, cloud computing, APIs, big data analytics, and artificial intelligence has enabled the rise of IoT.
2) IoT connects physical devices via the internet and collects data that can be analyzed for insights. An IP-based reference model is commonly used.
3) Intelligence in IoT systems can be distributed between devices, gateways, fog computing, and the cloud depending on factors like latency requirements, failure tolerance, costs, and privacy/security needs.