Meeting the rising global food demand among limited resources necessitates transformative agricultural innovations. The Internet of Things (IoT) emerges as a pivotal technology in modern agriculture, offering data-driven solutions to optimize productivity and sustainability. This review provides a focused exploration of IoT’s transformative role in agriculture, analyzing its integration with big data, real-time monitoring, and precision farming practices. Key insights include global market trends, projections for IoT adoption in agriculture by 2030, and advancements in IoT-related technologies shaping the future of agritech. The review underscores how IoT enhances agricultural efficiency by enabling precise data collection, automated decision-making, and optimized resource use, while addressing operational challenges such as interoperability, scalability, cost constraints, and regulatory hurdles. By consolidating evidence from emerging studies, this work advocates for interdisciplinary collaborations to deepen understanding and innovation in IoT-driven smart agriculture, positioning it as a cornerstone for achieving global food security.