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The Internet of Things (IoT) has come out as a transformative technology paradigm which enables the seamless integration of physical objects into the digital world. With the rapid increase of connected devices and the increasing availability of data, IoT has found numerous applications across various domains such as buildings/homes, agriculture, healthcare, the environment, industries, etc. However, along with its promises, IoT also presents certain limitations and various challenges that require to be addressed for its global adoption. Lack of security and privacy, storage problems, trash disposal, energy requirements, the need for open standards, and novel use cases are a few of the difficulties. In the paper, an overview of IoT applications is provided, the limitations and challenges of IoT are discussed, the tools and technologies employed in IoT development are explored, and open research directions that can …