The IoT is based on three main technologies:
- Hardware (includes chips and sensors)
- Communication (includes wireless network)
- Software (includes data storage, analytics, front-end applications)
The reason the Internet of Things is emerging so rapidly today is that significant technological advances have been made in the three technologies:
Hardware: Sensor costs have decreased by 54% in the last ten years. Also, the form factors are reduced rapidly. Complete sensor assemblies smaller than the fingertips have become the standard.
Communication: Mobile devices have become a commodity for the general public. At the same time, the cost of bandwidth has decreased by 97% over the last ten years.
Software: Processing costs even decreased by 98% over the same period. Also, over the past five years, a series of Big Data tools and Big Data infrastructures have emerged, such as effective databases.