The emerging technology of the ‘Internet of Things’ (IoT) is gaining popularity across the globe to provide new digital business models and services by utilizing the capability of sensors to capture data from different sources. It does not yet have a common definition across industry, academia, research and standards bodies. In this chapter we see various efforts of defining the IoT that have mostly imbibed a common theme of technology and potentiality. The IoT ecosystem and potential smart applications have been discussed here. In-depth introspection on the technical elements of the IoT and its applications has been covered in later chapters.