Today, the Internet of Things (IoT) has gained popularity and significant expansion. IoT has become very important for our lives, as many objects, sensors, devices, and things are connected through the Internet. Transmitting such large and unstructured data across bandwidth from IoT devices requires high bandwidth and it is necessary to redesign the complete network architectures. There are many ways that networked devices can improve existing processes and services in the industry. Industrial IoT enables connecting of smart devices in industrial applications. It involves connecting smart devices to commercial applications and consumers. Today, various entities have an excellent opportunity to expand their businesses using IoT. However, there are still many challenges facing IoT today.This paper aims to cover the main challenges, opportunities, architecture, and applications of IoT technology. It will analyze the importance of the Cloud and big data for IoT. The contribution and weaknesses of existing literature will also be covered and analyzed in this study. The main goal is to analyze different organizations' security issues, assurance, and interoperability of IoT devices and IoT adaptation.The paper will open up research questions and discuss new approaches, possibilities, and challenges using IoT for people and organizations. The most significant challenges will be highlighted to give the possible future directions and open matters about IoT for the research community and the industry.