We are traversing the growing emerging technology paradigms in today’s advanced technological world. In this present era, the Internet of Things (IoT) is extensively used in all sectors. IoT is the ecosystem of smart devices which contains sensors, smart objects, networking, and processing units. These integrated devices provide better services to the end user. IoT is impacting our environment and is becoming one of the most popular technologies. The leading use of IoT in human life is to track activities anywhere at any time. The utmost utilities achieved by IoT applications are decision-making and monitoring for efficient and effective management. In this paper, an extensive literature review on IoT has been done using the systematic literature review (SLR) technique. The main focus areas include commercial, environmental, healthcare, industrial, and smart cities. The issues related to the IoT are also discussed in detail. The purpose of this review is to identify the major areas of applications, different popular architectures, and their challenges. The various IoT applications are compared in accordance with technical features such as quality of service and environmental evaluation. This study can be utilized by the researchers to understand the concept of IoT and provides a roadmap to develop strategies for their future research work.