Explain the purpose of IoT

The Internet of Things (IoT) describes the network of physical objects—“things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet. These devices range from ordinary household objects to sophisticated industrial tools. With more than 7 billion connected IoT devices today, experts are expecting this number to grow to 10 billion by 2020 and 22 billion by 2025.

Why is the Internet of Things (IoT) so important?

Over the past few years, IoT has become one of the most important technologies of the 21st century. Now that we can connect everyday objects—kitchen appliances, cars, thermostats, baby monitors—to the internet via embedded devices, seamless communication is possible between people, processes, and things.

By means of low-cost computing, the cloud, big data, analytics, and mobile technologies, physical things can share and collect data with minimal human intervention. In this hyperconnected world, digital systems can record, monitor, and adjust each interaction between connected things. The physical world meets the digital world—and they cooperate.

What technologies have made IoT possible?

While the idea of IoT has been in existence for a long time, a collection of recent advances in a number of different technologies has made it practical.

• Access to low-cost, low-power sensor technology. Affordable and reliable sensors are making IoT technology possible for more manufacturers.
• A host of network protocols for the internet has made it easy to connect sensors to the cloud and to other “things” for efficient data transfer.
• Cloud computing platforms. The increase in the availability of cloud platforms enables both businesses and consumers to access the infrastructure they need to scale up without actually having to manage it all.
• Machine learning and analytics. With advances in machine learning and analytics, along with access to varied and vast amounts of data stored in the cloud, businesses can gather insights faster and more easily. The emergence of these allied technologies continues to push the boundaries of IoT and the data produced by IoT also feeds these technologies.
• Conversational artificial intelligence (AI). Advances in neural networks have brought natural-language processing (NLP) to IoT devices (such as digital personal assistants Alexa, Cortana, and Siri) and made them appealing, affordable, and viable for home use.
• The main purpose of IoT is to create an ecosystem that connects everything. An ecosystem where everything is connected to each other is known as the Internet of Everything.
• The IoT Eco-system enables the entities to connect and control the IoT devices present in the network by-

1. In the case of an IoT Eco-system, the entity can use a remote (tablet, smartphone) for sending a command or request for information over an IoT device
2. The device then performs the command or can even send the information back over the network which has to be analyzed
3. This storing and analyzing of data can be carried out in multiple locations which include- the cloud, local database, or sometimes the data himself

 References 

https://www.oracle.com/pk/internet-of-things/what-is-iot/#:~:text=The%20Internet%20of%20Things%20(IoT)%20describes%20the%20network%20of%20physical,and%20systems%20over%20the%20internet.

https://www.esds.co.in/kb/what-is-the-purpose-of-iot/