This paper discusses current technologies for lessening these risks and suggests an approach with multiple layers toward tackling these concerns. This plan integrates security measures at the device level, as well as security measures for networks, and even educational measures for users. Real-world instances and illustrations of the efficacy of the suggested method are presented. Various research gaps in IoT security and privacy have been identified, like the necessity for scalable security solutions, business-related problems, security policies focused on users, protection of privacy using data analysis, and the evolving threat landscape!! It also emphasizes the need for security measures for energy storage and contemplates the legal and ethical consequences of IoT security and privacy in intelligent homes. The discussion concludes with future research directions and challenges related to IoT security and privacy strategies and recognizes potential areas for innovation and enhancement. The intention is to contribute to the continuing discussion on IoT security and privacy, offering perspectives and recommendations to safeguard the integrity and privacy of the ecosystem in intelligent homes in an increasingly interconnected world.