The Internet of Things (IoT) has emerged as a new concept in information and communication technology, and its structure depends on smart device communications. It was evolving as a significant factor of the Internet and made the interconnection of huge devices likely, accumulating huge amounts of information through innovative technologies. Thus, the requirement for IoT security is more significant. Scalable services and applications are susceptible to information leakage and attacks, demanding higher privacy and security. Cryptography is a technique to secure data integrity, confidentiality, authentication, and network access control. Owing to several limitations of IoT devices, the classical cryptographic protocols are not appropriate for all IoT smart devices like smart cities, smart homes and so forth. Consequently, researchers have introduced numerous lightweight cryptographic (LWC) protocols and algorithms for IoT security. Numerous solutions are available in the research field regarding security using cryptographic algorithms in IoT environments; however, such solutions have not attained satisfactory outcomes. So, finding a solution by examining the recent issues is open research. This article investigates the various LWC protocols for IoT devices and provides a reasonable enquiry into existing ubiquitous ciphers. Furthermore, the article appraises various recently presented lightweight (LW) block ciphers and hybrid homomorphic LWC regarding security. In addition, this article assists in comprehending the significance of security features and progression in cryptographic algorithms. Finally, the article reports on the necessary changes and recommends upcoming research focuses. Also, this article assists in realizing the importance of security and progressions in cryptographic algorithms.