The Internet of Things (IoT) is an ongoing technological revolution where ordinary objects are fitted with sensing capability and connected to the Internet. The number of smart and connected devices is increasing exponentially, creating an arena for both product and service innovation. Research on the IoT has to date focused mainly on the technology itself, with less attention being directed toward the potential for value creation and the social implications of this phenomenon. This essay examines that gap and takes a look at the emergence of IoT from a social perspective. Addressing both the private and public sectors, it takes a look at opportunities and challenges associated with IoT implementation and use and discusses implications for a number of different actors. In addition, it shows how IoT is connected to a strong discourse on security, privacy and ethical use of technology and offers suggestions for future research directions grounded in IoT as being a current example of the ongoing digital transformation of society.