‘The Internet of Things’ is internet based approach in which everyday objects can communicate with one another and other services to accomplish some goal. The internet is moving; away from our computers and mobile phones and into our household appliances. As technology advances, there is an increasing demand for the internet to allow us to control every facet of our lives, usually from apps on our smartphones. It is the scenario where network connectivity and computing capability extends to objects, sensors and everyday items not normally considered computers, allowing these devices to generate, exchange and consume data with minimal human intervention. Three C’s of IOT, Communication, Control and Automation and Cost Savings Case Studies are presented. In the end, future scope and challenges are also discussed.