The Internet of Things (IoT) has totally changed how we interact with the world, how we live and work. It is an ecosystem which consists of internet enabled devices which use microchips, sensors or any type of hardware which can be used for communication. IoT devices provide vast amounts of data but managing this data and ensuring its integrity and security is a challenging task that requires expertise. Depending on the unique needs and limitations of the IoT system, data processing and analysis can be carried out using cloud computing techniques. The efficiency, scalability, and efficacy of connected devices are all driven by Machine Learning and Cloud Computing, two key technologies in the IoT landscape. IoT is set to unlock new levels of creativity and value across sectors, revolutionizing how businesses run and how individuals go about their everyday lives. This paper talks about how data is collected from IoT devices, how is it processed, what are the sources of this data, how ML and Cloud Computing helps to maintain this data and overcome the challenges faced by the use of this technology. This paper also specifies how IoT is used in the medical industry. By 2025, IoT in healthcare market is projected to be worth more than534.3 billion dollars. Over the course of time, Internet of Medical Things (IoMT) has provided improved patient monitoring, early diagnosis, individualized treatments and diagnostics for the patients. Medical IoT devices like wearable sensors and remote monitoring devices have transformed patient care as they can enable early illness detection by collecting and analyzing patient data in real time this improving disease management. While the use of IoT promises to improve many parts of our lives, it also has some challenges that must be solved to fully utilize its ability by using latest technological techniques.