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The Internet of Things (IoT) is a very large source of both data and many vulnerabilities. In this regard, the issue of security arises for protecting the resources of IoT nodes and the data they exchange. This process is complicated by the insufficiency of the resources of these nodes in terms of computing power, memory size, energy resources, range and wireless connection performance. IoT devices can be deployed in critical environments where any information leakage to an interceptor or unauthorized penetration into the network can become a serious security threat, especially in the Internet of Military Things and Medical Things. In such networks, cryptographic methods are mainly used to ensure security. Here, the primary task is to generate cryptographic keys for IoT devices interacting with each other. Generating one common (session) key for both parties allows the use of symmetric encryption algorithms. To distribute these keys, public-key cryptography (asymmetric cryptography) can be used, which is too computationally complex and energy-intensive to run on resource-constrained IoT devices. A pressing task for implementing secure technologies and security rules in the IoT network is the task of generating and updating symmetric cryptographic keys with high entropy. Along with this, to simplify the system of exchange of cryptographic keys in the IoT network, the main issue is the secure delivery of new key data and key update during exchange. Most of the proposed key generation strategies are applied based on the physical layer of IoT for general wireless environments. The study provides a new taxonomy of key generation systems for IoT with a classification of approaches by hardware, which demonstrates the fundamental difference in the interaction of IoT devices by components: radio, audio, cameras, IMU sensors with inertial measurement units, various hardware and hybrid approaches. With this taxonomy, users can easily identify the most suitable method for their application scenarios. IoT physical layer-based key generation has received extensive research interest and has been applied with several wireless technologies such as Wi-Fi, ZigBee, LoRa/LoRaWAN, etc.