What is IOT?
The Internet of Things (IoT) describes the growing state of Internet enabled Things (e.g. objects, environments, vehicles and clothing) that can communicate the information associated with them to other like devices (M2M: machine to machine) as an integrated part of the Internet.
Other Definitions
Wikipedia
The Internet of Things, also called The Internet of Objects, refers to a wireless network between objects, usually the network will be wireless and self-configuring, such as household appliances.
WSIS 2005
By embedding short-range mobile transceivers into a wide array of additional gadgets and everyday items, new forms of communication between people and things, and between things themselves, are enabled.
United Nations 2005
A new era of ubiquity is coming where humans may become the minority as generators and receivers of traffic and changes brought about by the Internet will be dwarfed by those prompted by the networking of everyday objects.
IEEE 2012
The Internet of Things is more than just the newest buzzword. The IoT promises to be the most disruptive technological revolution since the advent of the World Wide Web. Projections indicate that up to 100 billion uniquely identifiable objects will be connected to the Internet by 2020, but human understanding of the underlying technologies has not kept pace. This creates a fundamental challenge to researchers, with enormous technical, socioeconomic, political, and even spiritual consequences.