contraction of it will.

See contraction. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
it'll (ˈɪtəl)
contraction of
it will or it shall

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
It'll be better than anything you can make up and paste together on a computer
It'll also come in handy if it rains and you're looking for something else to
  do in town.
Alternatively, it'll permit them to divorce and marry other people, even if
  they have kids.
It'll know not to guide you to that navy cashmere sweater if ripped denim is
  more your style.
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