Machine type connectivity (MTC) is the key enabler for versatile Internet of Things (IoT) applications, which are becoming an essential component of everyday life. However, the availability of connectivity in general and MTC in particular around the globe is still not uniform. Motivated by this fact, in this paper, we focus on the technology which has the potential to support unprecedented coverage -the satellite IoT (SIoT). In the paper, we pinpoint the key drivers of satellite IoT development. Then we discuss, analyze and classify the IoT use cases and prominent applications for SIoT, and provide some insight into the current status of SIoT. Next, we discuss the key performance indicators (KPIs) for SIoT and map them against the key-value indicators (KVIs) and sustainable development goals (SDGs) formulated by the UN. Finally, we pinpoint the challenges and potential directions for further SIoT studies.