Virtual communication across the globe is possible due to the use of Internet. Enabling communication between any types of physical devices, at any place using any networking technology is goal of Internet of Things. Describing the new IoT technology this paper also overviews its recent developments Challenges occurring in the field are also mentioned. Modern techniques useful for device identification are suggested. Networking environment supported by IoT and its benefits in diverse areas of application domains are also illustrated. Paper concludes by suggesting the various research and development opportunities that exist in the field.