Internet of things (IoT) is a very unique platform which is getting very popular day by day. The very reason for this to happen is the advancement in technology and its ability to get linked to everything. This feature of getting linked has in itself provided multiple opportunities and a vast scope of development. The fact that technology in various fields has evolved through the years, is the reason why we observe a rapid change in the shape, size and capacity of various instruments, components and the products used in daily life. And this benefit of simplified technology when accompanied by a platform like IoT eases the work as well as benefits both the manufacturer and the end user. The Internet of Things gives us an opportunity to construct effective administrations, applications for manufacturing, lifesaving solutions, proper cultivation and more. This paper proposes an extensive overview of the IoT technology and its varied applications in life saving, smart cities, agricultural, industrial etc. by reviewing the recent research works and its related technologies. It also accounts the comparison of IoT with M2M, points out some disadvantages of IoT. Furthermore, a detailed exploration of the existing protocols and security issues that would enable such applications is elaborated. Potential future research directions, open areas and challenges faced in the IoT framework are also summarized.