Intersections or junctions are critical points in transportation systems due to their dynamic behavior, making them prone to safety or efficiency problems. For this reason, the use of technology in monitoring intersections has increased over the last years. In addition, different proposals based on the Internet of Things (IoT) have been used to handle different traffic issues at intersections, taking advantage of the features it provides regarding hardware, software and communications. This work presents a comprehensive review on Intersection Management Systems (IMS), from a component-based point of view, and a special remark on how IoT-based solutions have been adopted recently in this area. A proposed architecture for the implementation of an IoT-ready IMS is presented as well.