IoT – The technology buzzword of the internet has gained attention among researchers, scientist, engineers, software developers, academia and much more professionals over the years for its effectiveness and increased use in many applications. IoT technology enables communication among real world objects to interact in an intelligent way. In turn, IoT is all about connectivity and automation that require intelligent algorithms to make the smart objects work together. On this aspect, this paper aims to discuss the technology elements of IoT, applications and how machine-learning algorithms are applied in IoT data classification and prediction.