Devices are increasingly getting connected to the internet with the advances in technologies called the Internet of Things (IoT). The IoTs are the physical device in which are embedded with software, sensors, among other technologies. Linking and switching data resources with other devices, IoT has been recognized to be a trending research arena due to the world’s technological advancement. Every stage of technology avails several capacities, for instance, the IoT avails any device, anyone, any service, any technological path or any network, any place, and any context to be connected. The effective IoT applications permit public and private business organizations to regulate their assets, optimize the performance of the business, and develop new business models. In this study, we scrutinize the IoT progress as an approach to the technological upgrade through analyzing traits, architectures, applications, enabling technologies, and future challenges. To enable an aging society, and optimize different kinds of mobility and transportation, and helps to enhance the effectiveness of energy, along with the definition and characteristics of the IoT devices, the study examined the architecture of the IoT that includes the perception layer, transmission layer, application layer, and network management. It discusses the enabling technologies of the IoT that include application domain, middleware domain, network domain, and object domain. The study further evaluated the role of the IoT and its application in the everyday lives of the people by making smart cities, smart agriculture and waste management, retail and logistics, and smart environment. Besides the benefits, the IoT has demonstrated future technological challenges and is equally explained within the study.