The Internet of Things (IoT) is becoming a big driver of enterprise technology and consumerization. According to Goldman-Sachs, a number of significant technology changes have come together to enable the rise of the IoT:
>> Smartphones and Big Data
>> Cheap sensors – Sensor prices have dropped to an average 60 cents from $1.30 in the past 10 years.
>> Cheap bandwidth – The cost of bandwidth has also declined precipitously, by a factor of nearly 40x over the past 10 years.
>> Cheap processing – Similarly, processing costs have declined by nearly 60x over the past 10 years, enabling more devices to be not just connected, but smart enough to know what to do with all the new data they are generating or receiving.
>> Ubiquitous wireless coverage – Wireless connectivity is now available for free or at a very low cost.
>> IPv6 – Can support 128-bit addresses — an almost limitless number that can amply handle all conceivable IoT devices.
—More info: www.goldmansachs.com/our-thinking/outlook/internet- of-things/iot-report.pdf