Internet of things (IoT) has been proven to be a ubiquitous technology for several existing and new applications. It can provide both accuracy and sustainability in the emerging services and applications. IoT has several advantages and it can provide different levels of coverage in different geographical locations and contexts. There are several applications in which the wide coverage, low power and reliability of the communication have very high priorities. Conglomeration of IoT and satellite networks can make it very attractive for these applications. In this article, we present the general features, motivation and deployment issues of satellite based IoT networks. We present the applications where these satellite based IoT networks can play important roles. We also present the hybridization of narrowband IoT and satellite networks which can provide a long term sustainable network solution for several applications.