Internet of Things (IoT) is developing at an exceptionally quick pace in almost every field of life; industry, home, resistance and medical science, e-commerce, agriculture, defense and space research. The working and technology of different devices used in these domains have exceptionally changed due to communication speed, data generation, selection, storage and processing. Utilization of Artificial Intelligence (AI) and Big Data has further enhanced the potential, efficiency and accuracy of such devices. Role of Cloud Computing as storage, networking, processing and security application in the overall working of IoT devices cannot be ignored as these devices are generally too small to do all these operations on its own. The paper discusses the current scenario of IoT devices, future scope, security issues and its solutions in light of the supporting Cloud Computing environment.