Smart home is a concept that aims to enhance the comfort of residents and facilitate household activities. The smart home is an application of ubiquitous computing which can provide the user with context-aware automated or assistive services in the form of ambient intelligence, remote control of home appliances, or automation. Smart homes attempt to integrate smartness into homes to guarantee the residents’ convenience, safety, and security, while conserving the energy. The capabilities of a smart home in the context of different applications, have been scrutinized for this investigation. Different proposed architectures, protocols, and infrastructures have been taken into consideration. As the data management process is a vital part of a smart home system, many procedures of data collection, storage, and analysis have been surveyed. Methods of data acquisition has also been discussed. Existing challenges, pros, and cons of proposed schemes along with future perspectives of smart homes are identified in this report, which is intended to promote future research directions.