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The Internet of Things (IoT) is a network of physical objects, including vehicles, medical devices and home appliances, that use sensors and APIs to connect to one another and exchange data over the internet. Smart homes are the first major consumer application of IoT. Smart cities use IoT sensors to measure and optimize water use, energy use, waste management, traffic, air quality and other important city processes. The global smart home market is already valued at over $80 billion and this figure is expected to rise to $150 billion by 2024.