The Internet of Things (IoT) technology and devices constitute an exciting field in computer science that is rapidly emerging worldwide. IoT devices function by connecting real-world objects to the internet, resulting in a higher number of interconnected devices than ever witnessed in history. Through internet connectivity, these devices can be utilized in various ways, such as monitoring and tracking. Their prevalence is increasing exponentially, coinciding with advancements in wireless networking technologies. The internet’s enhanced connectivity has played a vital role in fostering the proliferation of IoT devices. Presently, almost any everyday object can be network-connected. The demand for automation and efficiency has also been a contributing factor to the advancements in this technology. This paper aims to review the emergence of IoT devices, analyze their common applications, and explore the future prospects in this promising field of computer science. The examined applications encompass healthcare, agriculture, and smart cities. Although IoT technology exhibits similar deployment trends, this paper will explore different fields to discern the subtle nuances that exist among them. IoT technology can be applied to nearly any domain, and each use case has unique requirements. To comprehend the future of IoT, it is essential to comprehend the driving forces behind its advancements in various industries. By gaining a better understanding of the emergence of IoT devices, readers will develop insights into the factors that have propelled their growth and the conditions that led to technological advancements. Moreover, a comprehensive understanding of the prevalent methodologies will enable readers to distinguish between current practices and future methods. Given the rapid rate at which IoT technology is advancing, this paper aims to provide researchers with an understanding of the factors that have brought us to this point and the ongoing efforts to shape the future of IoT.