Maximizing Your IoT App's Potential: How Much Will It Cost You?

Maximizing IoT App Potential: Cost Analysis Guide
Amit Founder & COO cisin.com
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Imagine having a perfectly balanced breakfast to suit your diet and knowing your health status thanks to your wristband's multiple detectors, which measure your blood pressure, sugar levels, heart rate, and more.

After you finish your breakfast, there's no need to start your car. The car will be waiting for you outside and has the best route to work on its dashboard. All of this and more is possible with IoT.

But what is IoT or The Internet of Things exactly?

IoT is a network of billions of physical devices, or "things," worldwide that are constantly sharing data and connected to the Internet.

Thanks to rapid technological advancements, it is possible to connect anything to the Internet, from a tiny speaker to a space rocket, to make it a part of the IoT. How do you create an IoT application?


IoT Market Statistics

IoT Market Statistics

 

Internet of Things devices are now everywhere, in our homes, cars, smart cities, phones, and even smart cities. Statistics state there will be 42.6 billion IoT devices or "things" by 2025.

The consumer IoT market is expected to reach $168 billion in 2023, which makes it the second-largest industry segment. Smart homes, connected vehicles, and personal wellness will be the main areas of spending.


IoT Features

IoT Features

 

Below we've listed the key features and characteristics that make IoT the most popular technology. Below are several IoT features that have many similarities.


Connectivity

Connectivity is the key to IoT. Connectivity is the key to IoT. IoT is an interconnected network of devices, computers, and sensors that can communicate and interact with one another.

IoT must offer a fast, reliable, and secure connection to meet business requirements. IoT connects devices using cross-domain technologies like cloud computing and AI. The devices can be linked using WiFi or radio waves, cables, and wires.


Scaling

IoT solutions are scalable to customer needs. IoT systems must adapt to periods of high demand while returning to normal operations during low periods.


Sensing

IoT devices collect data about their environment (temperatures, light, acceleration), analyze this information and take action.

Sensors can collect data and perform tasks that are not possible for humans. IoT works with raw and processed data. Sensors such as radar and optical sensors could be used to collect data from an automated door.

The door will automatically open when someone approaches. IoT uses several sensors, including accelerometers, gyroscopes, motion sensors, temperature, humidity, etc.


Analysis

Sensors are used to collect data for IoT. Why does IoT need data? IoT needs a lot of raw data. What's the purpose? Data is meaningless and useless.

The data not being processed to provide valuable insights is meaningless and unusable. IoT gathers raw data to extract useful information. Analyzing raw data is essential to determine the structure, relationships, usability, and utility.

The automatic door should analyze the sensor data to determine whether a person is present.


Artificial Intelligence

AI is a key component of IoT. The constant improvements in blockchain technology make this even more feasible. Smart fridges will let you know when you are running out of food, and you can replenish your stock.

Artificial intelligence allows for such actions. IoT devices convert raw environmental data into useful and informative information. IoT devices may also be trained using machine learning models to understand their environment better.


Smaller Device

Today's devices and equipment are getting smaller. These small devices can deliver excellent performance and accuracy in the Internet of Things.

These devices are incredibly small and precise. They can improve the quality of our lives (like tiny sensors that monitor the air quality and help us to avoid pollution).


Dynamic Nature

IoT systems need to be flexible to adapt to changing environments. They will be able to be used by any business with more resources.

An example will help illustrate this. The temperature of a smart air conditioner should be set by the temperature outside. The temperature sensor collects this information.

The sensor should also be able to adjust the humidity according to the surrounding environmental monitoring.


Active Engagement

IoT is a technology that connects products and devices with interconnected technologies such as AI, Blockchain, and Cloud computing.

Data collection and manipulation are dependent on the interaction between products and technologies. Raw data is extremely valuable and can help make better business decisions. Engagement with IoT is crucial.


Integration

IoT offers customers a great experience by integrating various cross-domain technologies such as cloud computing and deep learning.

The Internet of Things encompasses much more. Now, it's part of every Internet. This vast network of gadgets is raising our standard of living.


Automated

Automation is a vital part of all technologies. IoT is based on automation. IoT is based on automation. It was created to improve people's businesses and simplify their lives.

IoT systems for farming automate irrigation to reduce water waste.


Security

IoT users need to be concerned with security. IoT systems store and transmit sensitive data, so security should be a priority.

By ensuring that IoT devices have security and safety safeguards, it is possible to avoid security breaches. A reliable and secure IoT network is expensive. Take many precautions to ensure your safety and security. These precautions are important, as they can lead to a lack of trust between companies and customers and a decrease in demand.


Endpoint Management

IoT users need to be concerned with security. IoT systems store and transmit sensitive data, so security should be a priority.

By ensuring that IoT devices have security and safety safeguards, it is possible to avoid security breaches. A reliable and secure IoT network is expensive. Take many precautions to ensure your safety and security. These precautions are important, as they can lead to a lack of trust between companies and customers and a decrease in demand.

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IoT App Use Cases

IoT App Use Cases

 

IoT is a growing market that creates more jobs as technology evolves. The Internet of Things is growing across all industries, from robotic vacuums and self-driving vehicles to remote medical devices which allow doctors to diagnose patients.


Healthcare

Before IoT, there was no way for doctors to monitor patients' health remotely and provide recommendations in the healthcare industry.

The Internet of Things allows remote monitoring of the healthcare sector through smart devices. This can keep patients healthy and safe while empowering doctors to provide outstanding care.

Diverse hardware, such as smart wearable devices or sensors, can facilitate proper monitoring. This gives doctors the time to make precise diagnoses and take preventative measures.

Medical organizations can reduce a wide variety of costs by a significant amount.


Logistics

Globalization has led to a constant increase in the complexity of supply chains and customer expectations. Due to the rapid growth of online shopping and e-commerce, the logistics industry is now dealing with a huge staff shortage in transport and fragmented markets.

IoT is the ideal solution in this context to help the logistics of people and goods by tracking objects and collecting and transferring the current data about the transported assets.

IoT, for example, can be used remotely to control transport processes for everyday objects. This can save energy and improve customer experience by reducing waiting times.

Today, large companies such as Amazon are already reaping the benefits of IoT technology in their logistics processes.

Sensors installed in DHL trucks monitor temperature, route, and position. IoT-enabled devices have allowed DHL to reduce transit times in half and control both product quality and timely deliveries.

This has taken their customer experience up a notch.

The term "Automotive IoT" refers to the integration and use of IoT technology components in vehicles and their use for fleet management, predictive maintenance, and other services.

The automobile industry is the largest manufacturing sector in the world, with an annual production of nearly 78 million vehicles. Car manufacturers must embrace IoT and use new technologies to attract and retain consumers in today's technological world.

IoT revolutionized the automobile industry, transforming cars from navigation apps to autonomous cars. It's a huge platform that allows IT to be extended.


Smart Homes

Smart homes are a topic we cannot ignore when discussing IoT. Home automation is the capability to control household appliances using IoT-enabled devices and systems.

Home automation can range from complex heating and lighting controls to remote-controlled security systems.

By monitoring their energy and water usage, homeowners can fully control their property and save money on utilities.

Is the smart home the end of "home"? Home automation via IoT has improved people's comfort and living conditions.


Structure Of IoT Systems

Structure Of IoT Systems

 

IoT is a system of physically connected basic devices communicating via the Internet. It has four distinct components, no matter what industry or use it may be.

Software: Embedded applications and end-user apps. First, the embedded software is used to make IoT devices work properly.

It is, therefore, task-specific and does not require a user interface. The end-user application is developed to allow users to interact and use the system. It can be cross-platform, web-based, or mobile.

Hardware: All physical devices which will connect you to the Internet. This includes sensors, chips, measuring appliances, etc.

The selection of hardware is crucial for an IoT system, as it must meet the performance requirements and be compatible with operating applications.

Cloud: Without cloud technology, it would not be easy to manage, store, and process the huge amount of data produced by IoT-enabled devices around the world every minute.

Network: The IoT system helps to connect all devices in the system. MQTT, HTTP, LPWAN, LAN wireless satellite WiFi Bluetooth connectivity are just a few diverse communication options.


IoT Development Process

IoT Development Process

 

Understanding the IoT development process, from design to support, is important. Before embarking on your IoT application journey, becoming familiar with this process is essential.

Let us now tell you how to create iot applications in these steps:


You Can Design Your Own

The best IoT applications have a good back end and a great front end. The design of IoT applications should always be designed with the end user in mind.

It would help if you worked with a partner with the tools and experience to create an engaging and intuitive user experience.


Prototyping

Application prototyping allows you to test your IoT application's design, functionality, and appeal to users. This is done before investing in product development or fundraising.

In many cases, prototyping robust solutions can be expensive. We recommend finding a partner to help you with this step.


Product Development

Product development is required to take your IoT application from a concept to the market. This process is crucial to ensuring value for potential customers and confirming sufficient demand for your IoT app.

We recommend that you partner with a company that offers full-cycle development along with strategic consulting, project management, and other services.


Testing

You cannot launch IoT before it is flawless. You need to make your application as perfect as you can if you want others to download and use it.

It is also important to test its security using different penetration techniques. A professional team of QA specialists can do all of this by running through your app repeatedly and checking for any possible flaws.

Partner with a professional who can run both manual and automatic tests and check every component of your application to eliminate any possible issues.


Maintenance and Support

It is just as important to design and develop your IoT apps, networks, and software as it is to keep them running smoothly.

It is not enough to code it and then leave. We strongly recommend that you find a partner who will support your IoT application through its entire lifecycle and add new features.

They should also be able to expand their functionality over the years. IoT is dynamic, so you can't afford to lose momentum.

Read More: What is Internet of Everything Examples 2023 ?


IoT App Development Tips

IoT App Development Tips

 

If you are planning to create IoT applications, it is important to remember that you will need to consider more than just a mobile app for the customer.

You also have to think about robust and reliable back-end systems. You can use these tips to create solid IoT applications from the start.


Protect Your IoT Devices

It's rare that you create IoT apps with a single app to control hardware. Instead, it is a mini-ecosystem containing many different components.

Your IoT application must be multi-layered, like an entire ecosystem from the beginning to the end. The following are some crucial factors to think about:

  1. Data Encryption: Use encryption frameworks that are well-recommended and ensure all sensitive data is encrypted.
  2. Access Management: Each platform module should have the minimum data required, but you can limit the access of debugging capabilities to only approved staff. You must also keep a record of all access cases.
  3. User Authentication: Requires users to authenticate again before granting access to personally identifiable information and enables two-factor verification.
  4. Safe Protocols: Instill strong password policies by disallowing weak or duplicate passwords on smart devices.
  5. Protected Networks: Use secure HTTPS connections to transfer data between applications and devices.
  6. Security Standards: Check that your security measures are compliant with standards such as ISO27001 and SOC2 Type 2 (if you're developing an IoT healthcare services app).

Create An IoT App With Scalability In Mind

All layers of your IoT should be scalable, as they will need to handle increasing data volumes and multiple devices and processes.

Consider solutions that are easily scalable and can be modified whenever needed. You can do this by working with a partner who can help you modify and update existing solutions so that you are always prepared to meet new challenges.


Choose The Right Hardware Vendor

IoT Hardware is a broad category of physical devices, including devices that perform key functions and tasks, such as activating systems, securing them, defining actions, communicating, and detecting specific goals and actions.

Some vendors who offer software for devices may miss software vulnerabilities. Choose reliable additional hardware for your IoT application or have it tested by experts.


Use A Reliable Platform For IoT

There are many end-to-end IoT platform options for building IoT applications. Choose a reliable platform based on the capabilities, communication protocols, and products that it offers.

Before making a decision, please browse through the most popular IoT-based cloud platforms and weigh their pros and cons. You can look at some of the options and see what they offer.


IoT App Development Cost

IoT App Development Cost

 

You know all the things to consider before developing your IoT project. Now, here's the dollar question: What does it cost to create an IoT application? Unfortunately, there is no easy or simple answer to this question.

The costs of IoT services depend on a number of factors.

Device: As stated previously, IoT is a vast range of devices that manage different types of data and leverage multiple connection formats to the Internet.

Each device has its own level of complexity, which helps to determine its price. Consider that connecting a pair of earplugs is not the same as connecting an airplane.

Features: Depending on which device you plan to develop, there will be a different set of features.

However, keep in mind the higher the cost, the more features that will be developed.

Complexity: This depends on your product or system. The data model and the manner in which IoT data is encoded and delivered to/received from the cloud, in addition to the actual physical development of internet connectivity, define the complexity.

Location Of The Developer: The location of the developer is critical to determining your IoT project costs.

IoT developers in the U.S. will not earn the same salary as those in India or Latin America (LatAm).

Integration Cost: IoT Development cost can also vary based on the software integration required.

This is the process that brings together different types of subsystems of software to create a single system in your IoT application.


The Pros Of IoT

The Pros Of IoT

 

Over the years, the Internet of Things has seen many changes. IoT has many benefits. Simple Access IoT simplifies life.

Real-time functionality allows for smart solutions. It is not necessary to have a device like a computer or laptop.

IoT-enabled gadgets will notify you by text message, or via other communication methods, about the status and condition of your groceries.

Your refrigerator may send you a message if milk is in short supply.


Wireless Technology Makes It Easier And Possible To Create Smart Cities

IoT gadgets ensure that no electricity is wasted. These gadgets are completely automated and require little or no human interaction.

It automatically turns off street lights when there is daylight and turns them on when it gets dark. Buildings, bridges, and monuments can all be monitored for vibrations to see if they are being overloaded. Here are some examples of IoT being used in smart cities.

Schools and hospitals are great places to reduce noise pollution.


Easy Communication

IoT promotes Machine to Machines or the connection of gadgets. You can automate your tax management.


You Can Save Money

IoT allows electronic devices to communicate, which can reduce production costs. IoT increases the efficiency of systems by allowing electronic devices to communicate and translate data into the format that we require.


Business Benefits

IoT can assist you in finding new business opportunities through the analysis of data samples collected from your most valuable clients.

It collects data from networks and uses advanced analytics to uncover commercial insights and potential prospects. IoT devices can predict customer needs and analyze data. You can explore new opportunities for work and generate new revenue streams.


Productivity Increases

Productivity is directly related to profitability. IoT allows staff to be trained at the right time, increasing labor productivity.

This also helps to reduce skill gaps and improves organizational productivity. We have more time to do other things. Here are some of the great benefits IoT has to offer. It would help if you also considered IoT's negative aspects and how they will affect your life.


The Cons Of IoT

The Cons Of IoT

 

Take a look at the IoT's downsides.


Complexity

IoT is a great tool for improving user experience and advancing technology, but it does have some limitations. Imagine that your friend sends you a message saying that the milk package has expired.

Both you and your friend are going to buy one package of milk. The entire process is complicated. It would be smart to register only one number for an IoT-enabled device.


Compatibility

Millions of devices are connected in the IoT ecosystem. The devices are manufactured by different companies. This raises questions regarding the compatibility of monitoring and tagging.

It is not possible for all manufacturers to use the same standard. Bluetooth is compatible with multiple devices, but there are compatibility problems when it comes to IoT applications.

This issue of compatibility could lead buyers to purchase devices only from one manufacturer. This could result in the monopolization of the market.


Privacy And Security

Data transmitted by IoT devices can cause privacy breaches. Verifying the encryption of data is essential. Privacy and security issues have been raised by the rapid growth of IoT.

IoT Devices that are connected to desktops and laptops can cause customers' personal data to be lost.


Employee Who Are Less Skilled Or Menial

IoT expansion is occurring all over the world, and this could lead to IoT-equipped workers replacing monotonous and dangerous jobs and firing unskilled employees.

These factors may lead to unemployment.

IoT automates everyday tasks. There will be less need for human resources and less qualified personnel. Learning new methods of working may help to increase or stabilize a person's employment prospects.


Technology Is Taking Control Of Your Life

IoT is a technology that has impacted nearly everyone in every way. Everybody, no matter their age, is dependent on technology.

This dependency will be exacerbated by the IoT. Each application has flaws. IoT smart devices can fail or crash if you rely on them to solve your problems.

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Conclusion

IoT is growing at an incredible rate, and it's hard to deny that IoT now plays a major role in our daily lives with IoT-connected objects.

There is no better opportunity to learn how to create an IoT app platform and enter the IoT market. As stated in this article, developing an IoT platform is not easy.

It requires a fundamental strategy, a deep understanding of hardware and software technology, and a solid developer strategy.

Have you got questions about IoT application development? We can help. Cisin offers enterprise IoT tailored to your business. Our IoT specialists will complete your project on time and within budget while also completing it according to the scope of your work.