The review presents an analysis of current methods, models, and tools employed in developing and optimizing Internet of Things (IoT) systems. It meticulously examines a variety of approaches and software solutions, highlighting the rapid advancement in the automation field, enthusiastically embraced by both leading international IT corporations such as Google, Apple, and Xiaomi, and domestic companies like AJAX, which are gaining market popularity. The manuscript underscores the significance of IoT across various facets of modern life, including energy efficiency, security, and business process optimization, emphasizing the continual evolution of technologies that unlock new opportunities for users and enhance their quality of life. Additionally, it discusses the integration of IoT in different sectors, potentially exerting a substantial positive impact on society and the economy. Furthermore, the article offers a historical overview of IoT development, charting its evolution and key milestones. It also explores contemporary communication technologies foundational to IoT devices and outlines essential criteria for modern reliable systems, assessing them in terms of efficiency, scalability, and security. An analysis of several popular off-the-shelf system solutions available in the market is also provided, detailing their features, advantages, disadvantages, and unique attributes. This enables a deeper understanding of the diverse options available, assisting in selecting an appropriate system based on individual needs and budget. The article serves as a valuable resource for those seeking updated and comprehensive information on modern IoT systems and their implementation, stressing the problem’s relevance in today’s rapidly digitalizing world, where IoT technology plays a crucial role in enhancing operational efficiencies and living standards.