Despite the widespread adoption of IoT devices across different industries to enhance human activities, there is a pressing need to address the vulnerabilities associated with these devices, as they can potentially give rise to a plethora of cyber threats. Cyberattacks targeting IoT devices are predominantly attributed to inadequate patching and security updates. Furthermore, the current atmosphere pertaining to IoT penetration tests primarily focuses on specific devices and sectors while leaving certain fields behind, such as household devices. This study delves into recent penetration testing on IoT devices. Further, it discusses and critically analyzes the significance and issues in conducting IoT penetration tests. The findings of this study reveal a substantial demand for automated IoT penetration testing to serve diverse industries because conducting such testing has the capacity to diminish the consequences of cyber-attacks across numerous industries that utilize IoT devices for various purposes. This study is intended to be a ready reference for the research community to construct effective and innovative solutions in IoT penetration testing, which covers various fields.