Day by day, the lifestyles of people living across the globe have simplified their daily tasks using devices called the Internet of Things (IoT). These devices are usually large in number and are interconnected by network systems. They are generally designed to run at very low power usage. This network of devices having the capacity to perceive and interact with one another over a variety of communication protocols is referred to as the Internet of Things (IoT). The communication among these devices must be efficient and reliable for having this approach sustained in the lifestyle of people. In the present technological environment, IoT is essential to many application areas, such as energy management, healthcare, smart buildings, traffic management, intelligent cities, security systems, remote monitoring, and agricultural, and industrial sectors. For communication among these IoT devices, several protocols are currently present in the real world. This research looks at several modern Internet of Things (IoT) communication protocols and assesses the benefits and limitations of each. This research also suggests a modern communication protocol in the network of IoT devices for maintaining efficient and reliable communication among these devices for sustaining its ecosystem in future. Furthermore, it elucidates the experimental assessment of MQTT, AMQP, DDS, CoAP, and LoRaWAN for IoT devices. By conducting a comprehensive analysis, the article improves our understanding of the intricacies linked to selecting the most suitable communication protocol for enhancing the performance of IoT networks.