IOT is: the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
The term 'Internet of Things' was first put forward by Kevin Ashton as the title of a presentation he made at Procter and Gamble in 1999. Also referred to as The Internet of Everything, it is a proposed setup in which existing, common day-to-day inanimate objects like machines and appliances and also people and animals will be connected in a network and will be able to exchange data.