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This is very much not a hype and is very widely used. It’s not just smart bulbs and toasters. It’s burglar/fire alarms, HVAC monitoring, commercial building automation, access control, traffic infrastructure (cameras, signal lights), ATMs, emergency alerting (like how a 911 center dispatches a fire station, there are systems that can be connected to a jurisdiction’s network as a secondary path to traditional radio tones) and anything else not a computer or cell phone connected to the Internet. Now even some cars are part of the IoT realm. You are completely surrounded by IoT without even realizing it.