"The Internet of Things (IoT) is an umbrella term that many policymakers use to refer to the technologies and network structures that interconnect objects, humans, and animals to collect and analyze data and manage processes. IoT appears poised to revolutionize every sector of the economy, creating new business models for every industry, and significantly altering how society and government function. In a June 2015 report, McKinsey Global Institute refers to 'the transformative potential for many types of participants and stakeholders' of IoT. In its many manifestations, IoT also has the potential to be an important tool in addressing difficult policy issues of the future, such as urban congestion and water resource management."
CRS Insight, IN10345
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html