Our IoT definition: a network of connected devices with 1) unique identifiers in the form of an IP address which 2) have embedded technologies or are equipped with technologies that enable them to sense, gather data and communicate about the environment in which they reside and/or themselves. 
 
Features of IOT
The most important features of IoT on which it works are connectivity, analyzing, integrating, active engagement, and many more. Some of them are listed below:
Connectivity: Connectivity refers to establish a proper connection between all the things of IoT to IoT platform it may be server or cloud. After connecting the IoT devices, it needs a high speed messaging between the devices and cloud to enable reliable, secure and bi-directional communication.
Analyzing: After connecting all the relevant things, it comes to real-time analyzing the data collected and use them to build effective business intelligence. If we have a good insight into data gathered from all these things, then we call our system has a smart system.
Integrating: IoT integrating the various models to improve the user experience as well.
Artificial Intelligence: IoT makes things smart and enhances life through the use of data. For example, if we have a coffee machine whose beans have going to end, then the coffee machine itself order the coffee beans of your choice from the retailer.
Sensing: The sensor devices used in IoT technologies detect and measure any change in the environment and report on their status. IoT technology brings passive networks to active networks. Without sensors, there could not hold an effective or true IoT environment.
Active Engagement: IoT makes the connected technology, product, or services to active engagement between each other.
Endpoint Management: It is important to be the endpoint management of all the IoT system otherwise, it makes the complete failure of the system. For example, if a coffee machine itself order the coffee beans when it goes to end but what happens when it orders the beans from a retailer and we are not present at home for a few days, it leads to the failure of the IoT system. So, there must be a need for endpoint management.