The Internet of Things (IoT) refers to connecting physical devices like vehicles, appliances and other items to the internet. It allows these devices to collect and exchange data. IoT uses technologies like sensors, barcodes and wireless networks. Examples of current IoT applications include digital assistants, smart homes, agriculture monitoring and more. By 2020, it is estimated there will be around 50 billion connected devices. Key challenges for IoT include security, standardization between technologies, and ensuring privacy and efficiency. However, IoT also provides opportunities for new research, jobs, business models and more intelligent systems through global data collection and analysis.