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The Internet of Things term refers to cyber-physical systems where electronic and non-electronic objects collect environmental data using sensors and exchange it over a network. These networks are often wireless; companies implement wired IoT solutions in industrial settings and other environments with a high risk of electromagnetic interference. The price of building a custom device depends on the type, functionality, and complexity of your IoT solution and may amount to 70–80% of the total project costs. An IoT app is an umbrella term describing all kinds of applications that allow end-users to interpret sensor data.