Internet of Things (IoT) has provided a promising opportunity to build powerful industrial systems and applications by leveraging the growing ubiquity of radio-frequency identification (RFID), and wireless, mobile, and sensor devices. A wide range of industrial IoT applications have been developed and deployed in recent years. In an effort to understand the development of IoT in industries, this paper reviews the current research of IoT, key enabling technologies, major IoT applications in industries, and identifies research trends and challenges. A main contribution of this review paper is that it summarizes the current state-of-the-art IoT in industries systematically.