A look at what is the Internet of Things from the minds at https://losant.com
Truly, it's all about adding value to your life, business, and customers.
Gartner projects more than 20 billion connected IoT devices by end of 2020, http://www.gartner.com/newsroom/id/3165317.
My exact definition is:
The Internet of Things Is a term that represents a collection of ideas, devices, and processes.
Each thing is represented by a device or sensor.
These things are usually working together to create larger solutions by sending and reacting to data from an eco-system.