This study presents the analysis of one of the major contemporary transformational forces – the Internet of Things (IoT), which significantly influences the future development of all spheres of life. The purpose of the research is to identify the potential economic effects of IoT implementation in different markets. To achieve this goal, the following tasks are consistently solved in the study: identification and classification of the main IoT applications markets; detection, assessment and analysis of the economic effects of the IoT in the selected segmentswithin the proposed classification; formation of future directions of IoT development. Based on the combination of such methodological approaches as technology life cycle and technology adoption life cycle, perspectives of the IoT development are set out.The technology life cycle is viewed through the prism of the methodology of the research company Gartner (the Gartner Hype Cycle for Emerging Technologies), based on establishing a consensus among a wide range of assessments of leading experts in the field of information and communication technologies. Comparison of the two methods and expert assessments allows us to conclude that, according to the methodology of technology adoption life cycle, the Internet of Things is of interest only for a group of “early adopters.”