Since the introduction of the CubeSat standard in 1999 as a form of miniaturized satellite for University's space research, it has gained popularity and we have seen many such satellites built and launched into the orbit. A basic CubeSat is a satellite that has a volume of one litre (10cm cube) and a mass of less than 1.33 kilograms. This is known as 1u CubeSat. The latest standard allows up to 27u and also defines the electronic connection between subsystems. This encourages commercial companies to develop products that can be used as a standard subsystem and helps to lower the developmental cost and time. In the past few years, there are many sophisticated miniaturized satellites that have been built. In this presentation, we review some of these developments and their potential applications in the future.