In recent years, the number of devices connected to the Internet has been increased exponentially, which creates a new ecosystem known as the Internet of Things (IoT). According to Cisco’s prediction, it is expected that over 50 billion devices will be connected to the Internet by 2020. In fact, IoT is expected to be a key enabling technology to accommodate the massive connectivity of heterogeneous smart devices in the upcoming fifth-generation networks. However, in a limited resource environment, the existing spectrum will not be sufficient to satisfy all these spectrum demand. Sharing the idle spectrum in licensed and unlicensed bands is a feasible solution for effective IoT deployment. Therefore, in this paper, we provide a survey of advanced spectrum sharing techniques and emerging IoT technologies to exploit the spectrum both in existing licensed cellular infrastructures and unlicensed spectrum bands. To the best of our knowledge, different from the existing literature, we identify the potential research challenges and suggest future directions for efficient IoT deployment in next-generation wireless networks.