The emergence of various types of sensors, namely Internet of Things (IoT) devices, has attracted significant attention. Sensors are small devices that gather a huge amount of data. Faced with such circumstances, one of the biggest challenges is to develop core technologies for advanced big data analysis, specifically analytical tools for big time-series data that capture the latent time evolution of IoT devices. The objective of our project is to develop fundamental technologies for the real-time modeling and forecasting of IoT big data streams. We provide the intuition behind these powerful technologies, as well as to introduce case studies that illustrate their practical use.