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Essay from the year 2014 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of London, course: Digitial Creativity and New Media Management, language: English, abstract: Internet of things (in the following: IoT), Industrial Internet, Ubiquitous Computing – these are current buzz words all trying to provide a catchable description of what we are currently experiencing: A fundamentally new quality of computerized data collection and processing, enabled by smart devices, which are fitted with sensors, processors and connectivity components making them capable of being interconnected devices with autonomous exchange of information. These devices form the IoT, a vision in which classical computers as separate devices are disappearing and smart objects merge into the physical world. This essay will elaborate upon the concept of the IoT, the underlying conditions why we are experiencing the realisation of the vision now, the value drivers and how this will affect our private lives as well as businesses.