The term IoT, which was first proposed by Kevin Ashton, a British technologist, in 1999 has the potential to impact everything from new product opportunities to shop floor optimization to factory worker efficiency gains, that will power top-line and bottom-line gains. As IoT technology is being put to diversified use, the current technology needs to be improved to enhance privacy and built secure devices by adopting a security-focused approach, reducing the amount of data collected, increasing transparency and providing consumers with a choice to opt out. Therefore, the current volume has been compiled, in an effort to draw the various issues in IoT, challenges faced and existing solutions so far.