Internet of Things (IoT) is a well-known term that has gained massive encouragement over a few years. The future of the human race will be significantly influenced by the application of IoT over the coming years. The Internet is everywhere and touched almost every corner of the globe affecting our lives in previously unimagined ways. As a living entity, the Internet is constantly evolving, and now, an era of widespread connectivity through various smart devices (i.e., things) that connect with the Internet has begun. IoT looks more like an umbrella covering many protocols, technologies, and concepts that depend on specific industries. It will lead to the development of efficient mechanisms with high scalability and interoperability features among the things or objects. IoT is a reality that is progressing day by day, connecting billions of people and things to form a vast global network. IoT has applications in various domains like agriculture, industry, military, and personal spaces. There are potential research challenges and issues in IoT that act as a hurdle in the complete exploration of IoT in real-time implementation.