Lens for image quality and sensor size and density for resolution, but we hit pretty hard limits on those a long time ago. Software on top of that has been the major differentiator for quite some time. Exposure stacking and intelligent detail control produce more improvement for less investment than a super-complex lens assembly or exotic sensor. Though it brings its own risks.
Not to say there is no movement on the other fronts. Glass was pushing for a crazy anamorphic lens and far larger sensor that would have been a serious improvement, but I don't know if it went anywhere.
https://techcrunch.com/2018/10/22/the-future-of-photography-...
Not to say there is no movement on the other fronts. Glass was pushing for a crazy anamorphic lens and far larger sensor that would have been a serious improvement, but I don't know if it went anywhere.
https://techcrunch.com/2022/03/22/glass-rethinks-the-smartph...