The concept of induction heating is slowly entrenching as it has the traits of homogeneous heating, zero pollution and higher power density. To achieve these traits convincingly in reality, there is a need to develop energy efficient converter topologies, which aid in achieving power regulation of soft switching and very high frequency operation. This paper presents the salient features of converter topologies used for domestic and industrial heating applications with a focus on its stage-wise power conversion, power density, load handling capacity, soft switching, reliability and size. The performance of these topologies is analysed in terms of converter switching frequency, power rating, modulation techniques, flicker, user performance and efficiency. Moreover, this review paper predicts the future trends associated with the adaptation of wide band-gap power semiconductor materials, multi-output topologies, variable frequency control scheme with minimum losses and filter design to improve source-side power factor. The detailed technology review will be extremely useful for researchers, designers and engineers in choosing the appropriate topology for the chosen application.