Plasmonic sensors utilizing metal–insulator-metal (MIM) waveguides represent a significant advancement in sensing technology due to their high sensitivity and versatility. These sensors leverage surface plasmon polaritons to detect minute changes in the surrounding environment, making them highly effective for a range of applications. For instance, they can precisely measure variations in the Refractive Index, which is crucial for monitoring chemical concentrations and biological interactions. Additionally, MIM waveguides can be adapted to sense temperature fluctuations, pressure changes, and the presence of specific gases, providing valuable insights in fields such as environmental surveillance, medical diagnostics, and industrial processes. In recent years, a variety of sensor cavity shapes have been proposed to enhance sensor performance. This review examines how these innovative geometries optimize sensor cavities to achieve unprecedented levels of resolution and sensitivity, underscoring their transformative potential across a broad spectrum of scientific and practical applications.