The internet of things (IoT) is rapidly expanding and improving operations in a wide range of real-world applications, from consumer IoT and enterprise IoT to manufacturing and industrial IoT (IIoT). Consumer markets, wearable devices, healthcare, smart buildings, agriculture, and smart cities are just a few examples. This paper discusses the current state of the IoT ecosystem, its primary applications and benefits, important architectural stages, some of the problems and challenges it faces, and its future. This paper explains how an appropriate IoT architecture that saves data, analyzes it, and recommends corrective action improves the process's ground reality. The IoT system architecture is divided into three layers: device, gateway, and platform. This then cascades into the four stages of the IoT architectural layout: sensors and actuators; gateways and data acquisition systems; edge IT data processing; and datacenter and cloud, which use high-end apps to collect data, evaluate it, process it, and provide remedial solutions. This elegant combination provides excellent value in automatic action. In the future, IoT will continue to serve as the foundation for many technologies. Machine learning will become more popular in the coming years as IoT networks take center stage in a variety of industries.