The IoT paradigm holds the promise to revolutionize the way we live and work by means of a wealth of new services, based on seamless interactions between a large amount of heterogeneous devices. After decades of conceptual inception of the IoT, in recent years a large variety of communication technologies has gradually emerged, reflecting a large diversity of application domains and of communication requirements. Such heterogeneity and fragmentation of the connectivity landscape is currently hampering the full realization of the IoT vision, by posing several complex integration challenges. In this context, the advent of 5G cellular systems, with the availability of a connectivity technology, which is at once truly ubiquitous, reliable, scalable, and cost-efficient, is considered as a potentially key driver for the yet-to emerge global IoT. In the present paper, we analyze in detail the potential of 5G technologies for the IoT, by considering both the technological and standardization aspects. We review the present-day IoT connectivity landscape, as well as the main 5G enablers for the IoT. Last but not least, we illustrate the massive business shifts that a tight link between IoT and 5G may cause in the operator and vendors ecosystem.