Information and Communication Technology (ICT) has been the bedrock of communication for any sustainable development. To address the challenges of Information and Communication Technology, the Internet is gradually being moved from machine to People (M2P) communication to Machine to Machine (M2M) communication. M2M communication is achieved with smart objects through the Internet of Things (IoT). IoT is a paradigm that is recently gaining momentum as the future of the Internet. IoT makes it possible for objects to be connected with other objects, individuals, at any time or anywhere using any network, path or service. This level of connection and communication with smart objects used in our day to day living will lead to making living smarter. This review paper aims at delivering a better understanding of IoT architecture and its application domains. The author extracted peer-reviewed articles within the last five years from electronic databases, using some search keys such as "Internet of things", "Smart living with the Internet of things", "application areas of IoT", etc. The result of this study revealed that there are technological advancements in the development of IoT and that different domains of our living will be made smarter by with these applications. A classification of IoT smart applications showed seven main IoT application domains. A proper understanding of the IoT is imperative in the interest of the technological and sustainable development of Nigeria.