Internet of things is also refer as IOT which is a network of connected device. Which makes thing easy and automated. In the market IOT flourishing very rapidly. Take an example of ATM which if full fledged IOT, which fetch the data and transfer the data over the network and store it on the cloud, like wise automated trafic system, cctv cameras. Many IT companies started investing in IOT
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Soon the day will come when we experince IOT based home. In the market IOT based cars available, but they are not so much advance.
Pros
Automated
Human effort will reduce very much, everything will be automated and every device will embed with sensor and will be cable to take decision what should be done on which time.
for example, In a room if no one is there, all the bulb will automatically switched off like wise if there is problem in the bulb. the buld itself notify users that something is wrong, it needed to be change
Transparancy
All the data which is transmitted over the devices, will be transparent, user will easily know which data at which time has been gone through over the device in real time
Cost saving
As we discussed IOT enabled device will be cable to take decisions lot of human efforts will be reduced, it ultimately save the cost.
Cons
Complexity
IOT is a vast netowork of devices which are connected, any failure in the system or software could cause serious damage.
Privacy and security
Many devices are connected through internet and the data are readily available for hackers to hack the system.
Compatibility
There is no international standard has been charted down for the devices to communicate with each other. It will leads to compatibility issues