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IOT means Internet of Things, in literary term it's like expansion of connectivity to things not only to humans assistance for remote connectivity, that is only 'Internet'.
There are radios already available for Low range and low power connectivity and also devices and sensors. IOT is for what then - to rejuvenate this industry by creating a buzz in disruptive environment. Definitely not, but it could not be denied that such industry has taken or created much ado around IOT, which is actually not IOT but a kind of Automation only. Although good to specify some has come with categorization like Industrial IOT or IIOT.
There are technology like BLE, LORA, ZiGBEE, Sigfox, LOPWAN, already there and have a significant ecosystem too, and so could be said for devices with sensors - enhanced with LTE backhaul connectivity and miniatu.
IOT is widely used to create the buzz around, though the term IOT is essentially about global connectivity, much like internet. Its essentially about connectivity of devices, with zero human interaction, to far reaching data centers.
This is possible only with the networks of capacity and capability to connect this massive devices hives. Hives with different kind of requirements like throughput, signaling, and so on.
3GPP has come up with standards on it like LTE-M, NB-IOT and also GSM specific technological tweaks to cater such issues. But there is no big picture across the industry around IOT as a holistic system.
IOT is relevant with Big data and analytics, and could help and also be squared up with AI and machine learning.