Creating an environment capable of responding to its users and organizations in real‐time is a challenging task. However, with the advent of the Internet of Things (IoT) ecosystem, a new perspective about creating an intelligent and interconnected world has become a reality. The goal of the present study aims to explore the relationship between IoT and Knowledge Management (KM) when generating a Smart environment. Herein, we conducted a Systematic Literature Review and present a discussion about the evolution of the IoT concept and the IoT ecosystem. More specifically we focused on the main IoT elements that serve as the foundation of the IoT ecosystem and the relationship between the IoT and KM. Although there is a lack of studies about KM supporting the IoT, our study provides evidence that the IoT is composed of a set of technologies that enable KM and KM processes can facilitate the development of IoT Smart environments. Thus, there is an opportunity to study how to generate more intelligence and connectivity, which will support the players of the ecosystem, promote interactions among objects and people and ultimately add value to organizations and users.

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