From my perspective, IOTA has the potential to take over blockchain technology with tangle technology.
It is very appropriate and implementable for machine based economy. I think we will see debates on blockchain vs tangle technology in next coming years.
It has the potential but no, it won't be taking over blockchain technology and bitcoin itself.
A lot of people are comparing these alt coins to bitcoin, there might be some flaws on bitcoin but people aren't willing to withdraw their investments to bitcoin. And that's what really matters now, the total market cap of bitcoin is quite high and even how good another alt coin will come out or IOTA is. I doubt it that it can take over bitcoin or blockchain.