Internet of Things (IoT) is the prototype in which physical objects are connected through various mediums for purposeful interactive communication. The implementation of IoT in various applications, such as communication and connectivity, environment and infrastructure, healthcare, home and living areas, automation and augmented reality, is mentioned in the research paper, which also discusses the various challenges encountered in the application of IoT that are related to security, enterprises, consumer privacy, data, storage management, server technologies and data center network. The main vision of IoT is to enable living objects with computing and communicating abilities to facilitate interactions amongst themselves. The main objective of this paper is to impart knowledge about Internet of Things (IoT) in a wider perspective.