The Internet of Things (IoT) is a novel pattern and known by name ‘future internet’ with basic idea of connecting all things in the globe to the internet [1]. The IoT started in 1926, when Nikola Tesla emphasized on the implications of wireless. Prof. K. Ashton invented the term Internet of Things at Procter & Gamble in 1999 [2]. IoT can be used to describe systems of physical objects having independent communication among them. IoT allows integrating any physical objects having/computation and communication capabilities such as mobile networks, social networks, and intelligent components at different levels and with no limits to the Internet to deliver better services to their users [3-4]. The emergence of the long proposed “Internet of Things” marks the beginning of this development as technologies and innovative solutions are mixed, from standalone devices in a network to an intelligent object network in which the physical and virtual worlds interact [1]. In this next technology leap of the fourth industrial revolution (“industry 4.0”), “cyber-physical systems” are expected to propel the amount of data generated by and available to companies to unforeseen new levels [6]. Nearly, 50 billion devices will be connected by 2020 [5], thus specific consideration is needed to access and process the data produced by these devices [7]. To this support, IoT is going to make significant applications in improving the human life and world’s economy [8]. IoT is also considered as one of the most important aspects of adopting Industry 4.0 for India in the near future [9-10]. In the meantime, wider adoption of IoT still remains a challenge. Therefore, it is important to identify and analyze the challenges in implementation of IoT systems in Indian context.The paper helps to achieve the given objectives – i. Identifying the challenges in implementation of IoT systems; ii. Ranking of identified challenges to segregate key challenges in implementation of IoT systems in Indian context.