IoT is an acronym for the Internet of Things. It is the technology by which one device is connected to the other device on the internet. In other words, Internet of Things can be defined as the network where physical devices such as vehicles, appliances, sensors etc are connected to one another and share data.
There is a great scope in this field of technology. There are various fields in which IOT can be implemented. Some of these include health sector, smart home, smart city, industrial automation, and many more. Hence, a lot of IoT applications can be developed.
Source: How Much Does it Cost to Develop an IoT Application? | CustomerThink