The challenge is that there is no single technology that drives IoT. It is a collection of technologies that drive the influence of IoT. Cheaper hardware, cloud services, IoT networking technologies like 5G, and continued improvements in edge computing are all contributing factors to the growth of IoT.
An evolution of System on Chips (SoC) and compressed, single board computers like Raspberry Pi have made building smart devices more accessible and affordable. Expect prices for IoT sensors, equipment, and SoCs to continue to decrease while performance improves in 2024.
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