As we transition to a technology-driven age, it is essential for us to understand the various technologies working behind it, across various industries. The aerospace industry is one such industry that has been massively impacted by the new-age technologies. This study aimed to explore the implementation of one such technology -Internet of Things (IoT) in the Aerospace industry. The study adopted a qualitative, secondary research design which fetched data from published sources (books, news snippets, publications, industry, and company reports) to conduct a thematic and comparative analysis of IoT implementation in the Aerospace industry. The thematic analysis segmented various applications of IoT across 7 segments -Supply Chain, Aero-Manufacturing, ITeS, Research and Development, Avionics, Aero-Operations and MRO (Maintenance, Repair and Overhaul). The comparative analysis studied the variation in applications across the two major sub-industries -Aeronautics and Astronautics. The research conclusively determined the plethora of IoT implementation happening across the segments and sub-industries, while also exploring its challenges and future opportunities.