Cloud computing and Internet of Things have independently changed the course of technological development. The use of a synergistic approach that amalgamates the benefits of both these path breaking technologies into a single package is expected to have flourishing benefits. However, such an integration is faced with numerous limitations and challenges. This paper surveys the different aspects of each of these technologies and explores the possibilities, benefits, limitations and challenges that rise from the development of a convergent approach. We have also investigated the current research and future direction.