Meaning of the word "It is" in English

What does "It is" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

It is

US /ɪts/
UK /ɪts/

Contraction

1.

it is

Example:
It's a beautiful day.
I think it's going to rain.
2.

it has

Example:
It's been a long time since we last met.
It's got to be done by tomorrow.