IoT is a thing that dispenses technically credible solutions to all the problems of our daily life. Due to IoT’s welfare, the present world has moved afar the scope of human ability. For good efficiency, the popularity of IoT is increasing much more than ever and its use in different sectors has increased. This has resulted in an unprecedented shift in investment in IoT and the total number of related IoT devices. The role of IoT is immense in this period of modern-day change and revolution. From the analysis of this paper, we can get the idea about the past, present, future of IoT, investment on IoT, and challenges that may be IoT face.