Everywhere we look, machines are getting smarter and more connected to our lives. Starting from simple activity-tracking wearables such as Fitbit, all the way to airlines tracking fuel efficiencies, the Internet of Things, or IoT as we often call it, offers enormous potential for the way we live, travel, and operate businesses.

Predictions on the growth of IoT in next few years are mind-boggling. A major industry analyst firm forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from 2015, and growing to 20.8 billion devices by 2020. To add perspective, the World Bank forecasts that there will be approximately 7.7 billion people in 2020. That translates to nearly three connected ‘things’ for every person.

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