With this paper, I first and foremost want to render an account of what I think the IOT is, what its constituting concepts are and which main impacts on society and economy we can see today and expect in the near future. Doing so, I want to provide my research team, students and, perhaps colleagues in academia and industry with a baseline and some directions for ongoing and future research and development endeavors. Thus, this paper is targeted towards students, practitioners and researchers who are interested in understanding and\r\ncontributing to the ongoing merge of the physical world of things and the Internet.\r\nThe conclusions of this work are based on information compiled from three sources: on vast numbers of academic and industrial publications, on numerous interviews and talks with colleagues, and on the personal experience I was lucky enough to gain within the last eight years.
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