The rise of the Internet of Things (IoT) has turned the once-distant vision of accessing data seamlessly from physical spaces into a tangible reality. By integrating sensors and actuators into tangible objects, IoT streamlines communication and data exchange among them, leading to improved efficiency, real-time intelligent services, and enhanced quality of life. Over the last five years, the proliferation of IoT devices has skyrocketed, establishing IoT as one of the most disruptive technologies of recent times. In this paper, we conduct a thorough revaluation of IoT's impact on our daily lives, providing deep insights into its underlying technologies, varied applications, emerging trends, and significant challenges. Additionally, we highlight the crucial role of artificial intelligence in driving IoT to the forefront of transformative technologies, positioning it as potentially the most influential innovation in human history.