What is IOTA used for?

Could you please elaborate on the usage of IOTA? I'm quite curious to know what sorts of applications it finds itself being utilized in. Whether it's for payments, data transactions, or any other innovative purposes, I'd like to gain a deeper understanding of its functionalities and practical applications in the real world. Could you provide some examples or scenarios where IOTA has been effectively employed? Thank you in advance for shedding some light on this fascinating topic.