The document provides an overview of the Internet of Things (IoT). It discusses the evolution of IoT from local networks to today's interconnected world and envisions a future where everything is connected. The key characteristics of IoT including connectivity, intelligence, scalability and heterogeneous environments are described. Two reference models for IoT architecture are presented - the ITU-T model with four layers and the IWF model with seven layers. The main components of IoT like identification, sensing, actuation, communication and computation are explained. Popular applications of IoT across various industries like transportation, smart cities, manufacturing, retail and more are listed. Finally, the challenges of IoT especially around security, privacy and complexity are covered.