IoT or Internet of Things is not just a sci-fi term. If you wish to understand the basics, here you go:

The number of electronic devices has steadily increased over the past few years. IoT is a product of the different technologies used in the market, including, but not limited to the wireless communication, data analysis, sensor technology, and automation of machines. This has enabled the companies to come up with systems that can be controlled from a remote place and includes vehicles, home appliances, and physical appliances.

For the layman, the IoT is when everyday appliances are fitted with sensors and wireless communication technology that connects them to the Internet and helps the user to control them remotely.