Internet of Things is the latest technology that everyone is using across the globe. It connects the world globally and is making a positive impact on every industry.
Talking about the year 2019, IoT mobile apps will take over every industry. It will connect the worlds with each other. Moreover, it will leave no stone unturned. It will bring help mankind control every machine, technology, and device via smartphones.
The demand for the development of IoT apps is rising. That’s why it is necessary to know more about them.
Most of the queries related to the Internet of Things aren’t about its operation. They are based on IoT application development cost and benefits.
In this blog, we will help you find answers to such questions. We will explore the most popular areas/industries that have already started using IoT solutions. Also, we will talk about the platforms and factors that influence the cost of IoT app and the actual cost.
Statistics for the Internet of Things:
Top Internet of Things Applications
The manufacturing industry is one domain that focuses on IoT. IoT has the panache of streamlining processes and tracking everything related to manufacturing real-time. IoT apps help to digitize product quality info, product equipment management systems and so on.
A number of innovations are applied in the medical industry with the help of IoT technology. Use of IoT apps for monitoring patient’s status, UV radiation and analyzing environmental conditions help healthcare domain a lot. You can also monitor hand hygiene using IoT solutions. Ochsner Health System has an integrated EHR system into devices that use IoT to monitor the user’s health.
The most popular application of IoT is smart homes. IoT apps installed in smart homes keep an eye on electricity, gas, water, and security and much more. It helps to lower the burden of human work and make their life convenient.
By 2023 connected cars sales will reach 72.5 million. A number of new vehicles will use connected car features. The features include Wi-Fi connectivity, location tracking, emergency dispatch, and so on. It will include gas price comparison, parking, and anti-theft features.
These are only a few of the applications of IoT. IoT solutions are seen in many industries these days like Smart supply chain, Retail, Aeronautics and so on.
Platforms for IoT Application Development
Azure IoT Suite
The Azure IoT Suite has a number of services for the development of IoT. The services include Stream Analytics, Notification, and IoT Hubs. It offers features like Machine Learning, and Power Business Intelligence. It can power a number of operating systems and devices. It helps to visualize and analysis of bulk data.
IBM Watson platform lets you secure various connected devices. It gives developers complete access to information management. It allows instant data analysis and security and risk management.
The data services integrate all the data that you get from various connected devices.
Amazon Web Services
The most popular IoT platforms in the market are Amazon Web Services. It offers a reliable and cost-effective infrastructure for IoT solutions in the cloud. It has a highly scalable feature that hundreds of business across the globe use.
Oracle offers cloud services that offer flexible IoT Network topologies. It offers stream processing, the function of control & command, and the simulation of the virtual device. It uses technical abstraction to gather data from a lot of devices present in the market. It is combined with the Oracle PaaS, which helps you to get real-time analytics using big data processing.
It is an open source IoT platform that offers a unique development experience. It helps you develop IoT app solutions and smart products. Firms can customize it, but it doesn’t have a feature-rich tool-kit. Using Kaa, developers can easily and directly integrate the hardware.
It doesn’t matter which platform you use to develop your IoT application. Your aim is to earn money. So, how will you make money using IoT solutions? Well, let’s find out.
How To Monetize IoT Applications?
Here are four ways of making money using your IoT solutions:
Hardware Premium is a common method of making money. With this method, the firm tracks a new product, which means you can sell using a mobile app at premium prices.
Example- Sleep Number IT Bed. The mattress has sensors. It tracks biometric data to provide user data. The data consists of user’s heart rates, sleep status and breathing. It uses an app to display the data.
In this, you provide IoT solutions to your customers in lieu of some fee. It ensures a continuous flow of revenue and connection with users.
Example- Volkswagen’s Car-Net. The app uses IoT to provide different information. Data includes maintenance, navigation, and security. It also shares data like charging stations, parking information, and fuel info, weather, and so on.
The monthly fee is $17.99 and the yearly cost is $199.
The concept of IoT uses the basis of connection of devices in an ecosystem. The more you expand your ecosystem, the more the value you get. In this model, the founder of the ecosystem gets revenue from both customer and firm that use your platform. You can ask for a profit from these firms.
Example– Smart thing, this firm provides its users with both central hub and wide ranges of IoT products. They give you an app to control the connected devices.
These are the ways which will help you to make money using your IoT application development. Now, let’s move on to the factors that influence its cost and the actual cost estimation.
What are the Factors that affect the cost of IoT apps?
An IoT app demands a smart device. The cost of building the device is 70-80% of the total cost of the IoT app. The cost depends on the type and complexity of IoT solutions.
Here are the design stages that influence the hardware cost:
- Analysis – In this stage, you will plan your budget, technical requirement and cost, and concept development.
- Modeling – The model, PCB (Printed Circuit Boards) layout, gadgets interior elements are created by engineers.
- Prototyping – The device prototype is made according to the change owner mentions in the documents.
- Testing – Successful prototypes are then put into production using materials for device cases. It passes through various tests like climatic, electrical safety, and user tests.
For IoT app development, you require infrastructure which is of three types. These too add to the cost. They are as follows:
Network: The IoT app won’t help anyone if you don’t power it using a highly scalable network. It should have a high-speed connection and low latency. The Internet of Things app is made up of a system of connected devices. It will connect over the cellular network for which you will pay more.
Middleware: Want to integrate ready-made 3rd party gadget in the IoT ecosystem? You will need middleware software.
An IoT application is of three types- Simple, Mediocre and Complex. The classification is done on the basis of the features and functionalities of the app. The cost of the IoT app depends on this too.
- Simple app: These apps are in sync with the custom tracker. It takes almost 300-500 hours to develop simple apps. It uses elaborate tools for rendering sensor data and providing data in real-time. But it is defined as simple because IoT development for the same takes less than 500 hours.
- Mediocre: Mediocre apps are the one that has BLE (Bluetooth Low Energy) aka Bluetooth Smart in them. It facilitates connected devices management. It allows data visualization and sharing its progression on social media. They require 1000 hours or more for development.
- Complex: Complex apps are secure iOS and Android mobile applications. They see the integration of a number of radiation monitoring devices through Bluetooth. It is done to generate a report, send data to the cloud, and so on. It takes almost 2000 hours for development.
If you want to add Artificial intelligence or make an enterprise level app, the cost and hours would increase.
These are the factors that determine the cost of IoT application development.
What is the cost of IoT Application Development?
The cost of IoT app development depends on the number of complexities faced while making an IoT app. And that will depend on the features your IoT solutions have.
According to complexities of the app, the cost is:
Simple IoT app: It will have basic features for rendering information. It will have limited device connection. The cost of a simple IoT app will be around $30-40k.
A complex IoT app: It will have advanced features. Some of them are GPS tracking solution, payments, device sync, third-party API integration, and so on. It will have a content management system and high security. All these features will make the cost high. The cost of complex IoT app will be around $50-80k.
So, if you are planning to go for development of IoT application, you have enough data, to begin with. The trend for IoT solutions is increasing. It will acquire every industry in no time. So, if you want to thrive and use the latest techniques, using IoT is your best bet. There will be some challenges like security issues or high investment cost. But, you can overcome them with proper research.