  A recent McKinsey report estimates the economic impact of the Internet of
Things (IoT) to be between $3.9 to $11 trillion dollars by 20251 . IoT has the
potential to have a profound impact on our daily lives, including technologies
for the home, for health, for transportation, and for managing our natural
resources. The Internet was largely driven by information and ideas generated
by people, but advances in sensing and hardware have enabled computers to more
easily observe the physical world. Coupling this additional layer of
information with advances in machine learning brings dramatic new capabilities
including the ability to capture and process tremendous amounts of data; to
predict behaviors, activities, and the future in uncanny ways; and to
manipulate the physical world in response. This trend will fundamentally change
how people interact with physical objects and the environment. Success in
developing value-added capabilities around IoT requires a broad approach that
includes expertise in sensing and hardware, machine learning, networked
systems, human-computer interaction, security, and privacy. Strategies for
making IoT practical and spurring its ultimate adoption also require a
multifaceted approach that often transcends technology, such as with concerns
over data security, privacy, public policy, and regulatory issues. In this
paper we argue that existing best practices in building robust and secure
systems are insufficient to address the new challenges that IoT systems will
present. We provide recommendations regarding investments in research areas
that will help address inadequacies in existing systems, practices, tools, and
policies.
