Whois & Analysis for arrayent.com

The Internet of things (IoT) is the inter-networking of physical devices, vehicles (also referred to as "connected devices" and "smart devices"), buildings, and other items—embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to collect and exchange data.

In 2013 the Global Standards Initiative on Internet of Things (IoT-GSI) defined the IoT as "the infrastructure of the information society." The IoT allows objects to be sensed or controlled remotely across existing network infrastructure, creating opportunities for more direct integration of the physical world into computer-based systems, and resulting in improved efficiency, accuracy and economic benefit in addition to reduced human intervention.

When IoT is augmented with sensors and actuators, the technology becomes an instance of the more general class of cyber-physical systems, which also encompasses technologies such as smart grids, virtual power plants, smart homes, intelligent transportation and smart cities.

Each thing is uniquely identifiable through its embedded computing system but is able to interoperate within the existing Internet infrastructure.

Experts estimate that the IoT will consist of almost 50 billion objects by 2020.

A consumer is a person or organization that uses economic services or commodities.

In economic systems consumers are utilities expressed in the decision to trade or not.

A system is a set of interacting or interdependent component parts forming a complex or intricate whole.

Every system is delineated by its spatial and temporal boundaries, surrounded and influenced by its environment, described by its structure and purpose and expressed in its functioning.

In marketing, a product is anything that can be offered to a market that might satisfy a want or need.

In retailing, products are called merchandise.

In manufacturing, products are bought as raw materials and sold as finished goods.

A service is another common product type.

In economics, utility is a measure of preferences over some set of goods (including services: something that satisfies human wants); it represents satisfaction experienced by the consumer of a good.

The concept is an important underpinning of rational choice theory in economics and game theory: since one cannot directly measure benefit, satisfaction or happiness from a good or service, economists instead have devised ways of representing and measuring utility in terms of measurable economic choices.

Economists have attempted to perfect highly abstract methods of comparing utilities by observing and calculating economic choices; in the simplest sense, economists consider utility to be revealed in people's willingness to pay different amounts for different goods.