Humans are surrounded by physical electronic devices, from automated vehicles to smart devices and smart buildings. These devices are embedded with software that enables them to provide special services and facilities. Communication with these physical devices is possible in the virtual world through the Internet. However, very little interaction occurs between them. They can interact and exchange only device-specific information, and they can be controlled only to a limited extent through technologies. The technology is embodied in a wide spectrum of networked products, systems, and sensors, which take advantage of advancements in computing power, electronics miniaturization, and network interconnections to offer new capabilities not previously possible. While Internet of Things (IoT) new market opportunities and business models, among other things, it also creates concerns about security, privacy, and technical interoperability. The adoption of IoT technology is rapidly gaining momentum, as technological, societal, and competitive pressures push firms to innovate and transform themselves.