IoT, or the Internet of Things, has gained immense popularity and has been rising rapidly in the last few decades. It is one of the modern technologies that connects sensor-equipped objects and plays an important role in broadcasting information across compatible communication networks, devices, and software applications. An IoT app is a web, mobile, or desktop application that allows users to view and control devices connected to the internet. Usually, IoT apps use dashboards to view data from different types of devices in real-time or historical views.
IoT apps are similar to any other automation app with internet-connected sensors that track data, such as fitness apps, healthcare apps, and home automation apps. Despite being a newly emerged IoT app development has also made significant progress in recent years, forcing many companies to focus on it as a means of discovering new and lucrative business prospects. The IoT has a great impact on our everyday lives, work, management, and much more. IoT applications and devices are increasingly being used in the minor and major spheres of our lives.
No matter what tech trend report you follow, IoT app development ranks at the top of the list, promising a world that is connected with each other. Also, the Internet of Things helps businesses goals of bringing control to every machine and device that a user works on, be it smartphones, televisions, wearable devices, home gadgets and etc. In today’s time, the ratio of communication devices is higher than humans, and they are making our lives easier and smarter than ever before.
If you are looking to develop IoT applications and wondering what will be the IoT app development cost then this blog is for you. The various factors responsible for IoT App development and what changes will be required after launching an IoT app everything is discussed here.
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Market Overview of IoT App Development
Recently IoT app development services are growing at a fast pace that no one has ever imagined. The following market stats help you better understand the same.
The global estimation of the IoT market might reach $1.1 trillion by the end of 2023, as per the new IDC (International Data Corporation) study.
IoT devices worldwide are expected to cross 15 billion in 2023, which is a 55% increase from 2020. Plus, it is expected that these devices will generate 79.4 zettabytes of data in 2025.
As per Statista, consumer spending on smart home products and devices based on IoT technology is expected to exceed 200 billion U.S. dollars by 2027.
The significant factor driving the current growth in IoT app development services and promising a positive outlook for the technology’s future is the wide range of applications that are forcing mass adoption of IoT worldwide.
The above-mentioned number indicates the ever-growing demand for top-notch Iot applications and their significant role in driving business growth and productivity. Now that you are clear with the reasons to step into IoT app development let’s get started with the process of building an IoT application.
IoT App Development Uses Case and Applications
With Artificial Intelligence, IoT helps in better business data analysis. IoT supports enterprises in making important decisions by bringing transparency and connectivity to every aspect of operations and management. IoT has brought software-as-a-service norms to small-scale businesses, allowing them to explore digital opportunities. Continue the read to see what else can custom IoT development can do in various sectors:
Industrial Sector
Upgrading the overall performance and manufacturing talents of enterprises, IoT created a big marketplace demand for mobile app improvement, offering help in commercial IoT solutions. Frequently connected machines require proprietary software to function smoothly. Mobile IoT apps enhance predictive maintenance, sleek asset tracking, improved inventory management, and supply chain monitoring. Offering a safe environment, machinery control, and mobile IoT technologies drive the growth of construction, mining, manufacturing, and energy companies.
Healthcare
Talking about healthcare which is a profitable niche for mobile app development. With the expanding adoption of IoMT (Internet of Medical Things) technologies, healthcare providers and patients alike are increasingly relying on mobile applications. Such apps have been shown to improve treatment outcomes, enhance patient experience and boost overall healthcare efficiency. Now is the best opportunity to take advantage of mobile technologies for biosensors and medical wearables devices. Whether it involves enhancing the existing IoT solution or creating a new idea, the advancement of the IoMT apps will change the industry.
Retail
IoT has changed the retail industry as the usage of beacons, sensors, and cameras is involved. Development in mobile app technology opens ample opportunities for better shopping and increased revenue. Mobile IoT solutions have reduced the wait times in checkout queues, analyzed and predicted customer data instantly, and monitored stock on the shelves.
Agriculture
As the expansion of the global population keeps on increasing, so are the challenges faced by the agriculture industry. IoT sensors and paired apps help monitor field crops, manage greenhouses and generally improve cultivating plants and livestock.
Transportation & Logistics
Another major sector that is greatly taking advantage of leveraging the union of IoT and mobile technologies is transportation and logistics. From smart route planning to vehicle monitoring, there’s no shortage of use cases in this field. Organizations can keep track of the delivery of goods, manage their fleet, and control conditions during transportation. For instance, it’s possible to monitor temperature, humidity, and other parameters to make sure the products are delivered safely.
Automotive Industry
Similar to logistics is the automotive industry that is taking advantage of these too technologies. Majorly, IoT-based apps are used to collect data and control air quality within cars and maintain tire pressure and temperature. Solutions are also offered on road conditions, traffic, and driving behavior that makes them a part of navigation and telematics system.
IoT in Our Life
IoT has redefined the way we live today, from wearables to the everyday use of smart devices at home. Consumers require user-friendly and intuitive apps to operate the growing number of connected products. Upcoming industries such as outdoor and landscaping equipment will offer ample possibilities for mobile app development to progress.
IoT Applications Development Platforms
Microsoft Azure IoT
The Microsoft Azure IoT suite comprises IoT development services such as stream analytics, IoT Hubs, Notification Hubs, Machine Learning, and Power Business Intelligence. The platform is capable of powering a great number of OS and devices that allow for the visualization and analysis of a great amount of data. Azure IoT suite is used in a number of internet of things applications development providers for scalability from the POC to much larger deployment stages.
Amazon Web Services
The well-known IoT platform available in the market offers reliable and cost-effective infrastructure in the cloud. Due to the high scalability feature of AWS instance comes along with, it is used by hundreds of businesses worldwide, and the flexibility of cost-effectiveness facility that it comes with makes it an ideal option for IoT developers.
Google Cloud IoT
It’s the world leader in the field of IoT and Cloud Computing because it allows users to connect across the globe which makes it a highly demanded platform when it comes to online app developments. It has a total market stake of about 12%, making it a well-recognized IoT development platform.
CISCO IOT Platform
One of the famous platforms that are considered when it comes to cloud computing and IoT development. It has a strong cloud-based storage structure that helps to analyze and produce real-time outputs. Majorly used in the field of automation engineering, data harvesting, and analysis. The market share it holds is near about 11%.
IBM-Watson
The platform permits the user to secure a number of different connected devices. The platform makes sure the developers have complete access to information management, connectivity, and instant data analysis, along with security and risk management. The platforms allow for the management, configuration, and integration of real-time information collected from different device sources with data services. By ensuring the integrity of IoT app solutions, the platform empowers developers to secure the system.
Cost to Develop an Iot App Depends on Multiple Factors
Several variables are responsible for the cost of developing and implementing an IoT application. The factors or variables may be associated with functions or IoT developers. We will analyze each of the factors separately to determine how much money is needed to develop an IoT application. Usually, the cost to develop an app with basic features varies between $10,000 to $50,000 and keeps on changing depending on the following factors. Let’s look at a few factors that will aid in determining the cost of IoT app development.
- Design & Features: We all know that features for apps are the most important part that determines the success of mobile or IoT app development. So the type of project and the features you choose will have a big impact on the cost. Customer experience is also important, so UI/UX should be simple yet intriguing enough to grab users’ attention. In addition, the corresponding features of the IoT application are required.
- Hardware: the cost of developing a smart device amounts to over 65-75% of the total IoT cost. Eventually, the cost depends on the type and complexity of the solution that you wish to create. The various hardware designs stages that influence the overall cost of building IoT apps are-
- Analysis- Budget planning, concept development, technical requirements, and cost optimization are the key points for analysis.
- Modeling- Industrial designers and engineers are responsible for developing the PCB layout schemes and gadgets’ interior elements.
- Prototyping- The IoT app developers develop over 10 PCBs and then debug and modify them as per the changes mentioned in the documents.
- Testing-successful prototypes are then transformed into the pre-production model that uses different materials for a device case.
- Infrastructure: an important segment of the infrastructure is maintenance support and monitoring system development for the whole IoT solution. This includes the software for remote devices and network management. Basically, infrastructure comprises three different components, each of them playing a role in the cost of developing an IoT solution.
- Network– The IoT ecosystem will be able to fulfill its intended purpose with a network infrastructure that is highly scalable, supported by high-speed connections, and low latency. Short-range wireless cellular and LPWAN solutions are the key means of enabling IoT connectivity. Therefore, if you build an IoT application using a system of connected devices that rely on the cellular network, you may have to pay extra expenses.
- Middleware-If you are thinking of using pre-made third-party devices in your IoT ecosystem, you will need middleware. This set of instructions, aka software, acts as a bridge between two or more IoT components, enabling the devices to communicate with each other even if they fail to do so on their own.
- Cloud-based infrastructure- The storage software and solutions that rectify many gigabytes of raw data in something that is meaningful. Cloud computing solutions are expected to add a significant amount of cost to the IoT app development cost. What is recommended is to make use of smart device connectivity and data analysis by PaaS solutions developed by giant Microsoft, Amazon, or Intel.
- Application: An IoT application development stage can be categorized into three levels of difficulty, which are mentioned below. Application factors can directly affect the estimated cost for IoT app development platforms.
- Simple-These IoT apps work in sync with a custom tracker that takes near about 300 man-hours to develop. In Fact, the application uses many detailed programming tools for rendering the sensor data and producing information in real-time; this is what we term as simple because the Internet of Things development that belongs to the simple category takes less than 500 man-hours.
- Mediocre- Apps with BLE to facilitate the management of connected devices, visualizing data, and taking the progress to social media follow under mediocre apps. On average, they take somewhere around 1000 man-hours to build and a medium range of cost to develop an IoT application.
- Complex-IoT apps that come under this category are secure iOS and Android mobile applications that blend with the number of radiation monitoring devices via Bluetooth with a motive to generate a report, send data to the cloud-based server, obligatory authorization, and a pin code generator, etc. take up roughly 2000 man-hours. In case you are thinking of adding AI to the data that is collected on the device, the hours of needed resource allocation will also increase.
- Size & Complexity: Applications size and complexity are also major factors responsible for affecting the IoT app development cost. For example, if you want some advanced features to be included in your IoT application, it will definitely take more time and cost to develop. Aside from this, if you are investing in IoT smart home automation, it can cost you less than the cost of building an IoT app. Hence, the more complex the app, the bigger its size will be, and the greater will be the cost.
- Development Team: Apart from the development, the web, mobile, or IoT app development company professionals you are choosing greatly affect the cost. Therefore to lessen the cost, choose the right team of experts. There are three ways one can hire an expert team of developers, i.e., part-time, hourly, or full-time.
- Testing and Launching: Once your IoT application is completely designed and developed next you have to do is test your app before actually present to your audience. The testing factors will also affect the IoT app development cost. Generally speaking, mainly there are two types of testing manual and automated. If your chosen IoT app development company test manually, in that case, the cost will be moderate, and if there are involved of tools and technologies in that case, the charges will increase.
Besides the above-mentioned factors that are affecting the cost of IoT app development, some other basic and simple factors are:
- Using different types of technology.
- Location/Place of development.
- The number of connections to the device.
So far, you are familiar with the factors that have a direct impact on the IoT app development cost, moving ahead to look at the resultant overall cost that you will have to pay for the development of an IoT application. The cost of IoT development varies according to the IoT development complexity, which in itself is decided on the basis of a number of features included in the app solutions.
Future of IoT Development
IoT is capable enough to bring outstanding and impressive improvements in mobile app development, forcing every industry to huge success in the future. The demand for IoT applications is also increasing at a very fast pace so is the IoT app development company’s requirement. Every user wants to access modern applications for a struggle-free lifestyle. Some of the top trends of IoT making businesses touch new heights in the market are AI, Sensor Innovation, Social, legal and ethical IoT, Trusted Hardware OS, infonomics and Data broking, silicon chip innovation, IoT governance, and many more. Pioneer apps that are gaining popularity are those that assist individuals and companies in saving time and energy.
