What is Internet of Things (IoT)?

I’ve got numbers of questions asking about what exactly is the Internet of Things or IoT. To answer this question, here are the definitions collected from some of the most reliable sources.

I’ve got my own definition as well.

The Internet of things (IoT) is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to connect and exchange data.[1][2][3] Each thing is uniquely identifiable through its embedded computing system but is able to inter-operate within the existing Internet infrastructure. Experts estimate that the IoT will consist of about 30 billion objects by 2020.
According to Wikipedia

The Internet of Things (IoT) is the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment.
According to Gartner

What is Internet of Things (IoT)? — Designed by Freepik

The Internet of Things revolves around increased machine-to-machine communication; it’s built on cloud computing and networks of data-gathering sensors; it’s mobile, virtual, and instantaneous connection; and they say it’s going to make everything in our lives from streetlights to seaports “smart.”
According to Wired

In a nutshell, the Internet of Things is the concept of connecting any device (so long as it has an on/off switch) to the Internet and to other connected devices. The IoT is a giant network of connected things and people – all of which collect and share data about the way they are used and about the environment around them.
That includes an extraordinary number of objects of all shapes and sizes – from smart microwaves, which automatically cook your food for the right length of time, to self-driving cars, whose complex sensors detect objects in their path, to wearable fitness devices that measure your heart rate and the number of steps you’ve taken that day, then use that information to suggest exercise plans tailored to you. There are even connected footballs that can track how far and fast they are thrown and record those statistics via an app for future training purposes.
According to IBM

The Internet of Things is the internet-able nature of modern physical devices, vehicles, and buildings. You may also have heard of IoT products as connected devices or smart devices. Typically, Internet of Things devices have sensors and software that enable the collection and exchange of data via the internet. IoT objects can be controlled remotely to allow direct integration with computer systems, which, it’s argued, results in economic benefit and improved efficiency for users.
According to ExpressVPN

Internet of Things is a concept of creating smart devices to make our life easier. It is designed by utilizing internet technology to build connection between smart objects, allowing them to exchange data. So, in future, you would be able to talk to your car, just like what Michael Knight (David Hasselhoff) did in the 80s TV series Knight Rider, the technology you’ve seen in Back to the Future such as the goggles that Marty McFly wears or the stuffs you saw in Minority Report, which some have been available today, like facial recognition, personalized advertising, self-driving car and home automation.
According to me

To make it easier to understand, here’s a video from IBM Think Academy YouTube channel.

https://www.youtube.com/watch?v=QSIPNhOiMoE