Building IoT Solutions with Favoriot: Our Journey and Opportunities

In the last six years, we have embarked on a journey to build two IoT products - Raqib and Favorsense. Both products are end-to-end solutions that require us to identify wearable hardware partners and connect them to our IoT platform. While building these products, we realized that we had created an IoT middleware that we had never thought of offering to others. We named it Favoriot , and it became our third IoT product.

The Problem Statement

Building IoT solutions take a lot of resources - time, and money. We could offer a cost-effective solution by collaborating with others to develop IoT solutions using our platform. Unfortunately, many universities' IoT syllabi did not cover structured content about IoT, and IoT talent needed to be improved. Even industries were interested in the impact of IoT on their business, but they needed help deploying innovative IoT solutions. There were few players in the IoT ecosystem in Malaysia.

How Big is the Market?

According to Mordor Intelligence, the IoT market reached $761.4 billion in 2020 and is expected to reach $1.39 trillion by 2026. Favoriot could become the preferred IoT platform for any IoT deployment. In Malaysia, the National IoT Strategic Framework was introduced in 2014, and Industry 4WRD - National Policy on Industry 4.0 was launched at the end of 2018. The COVID-19 pandemic also accelerated the use of emerging technologies to solve social distancing issues.

The IoT Solution

We decided to offer Favoriot as a Platform-as-a-Service (PaaS) that allows users to subscribe to the platform and create their IoT applications while maintaining data ownership. The middleware comprises security, business rules, and notification engines and supports protocols such as MQTT, CoAP, and REST. We built a Generation-IoT community that can share and learn from each other's projects and success stories. We also provide complete documentation, tutorials, GitHub, and forums.

How do you choose an IoT Platform?

When choosing an IoT platform, it's crucial to ensure it's cost-effective, open, and easy to use, with user-friendly APIs. It's also essential to consider security, business rules, and notification engines, among other factors.

Go-to-Market

We started offering the free package to universities in early 2019, but we noticed that many of them used other competitive platforms. We realized users needed to familiarize themselves with the Favoriot platform, so we compiled many use cases and step-by-step tutorials and uploaded them to our YouTube channel . We also engaged with corporate users through customized solutions, contests, special offers, and training packages. Today, we have reached more than 117 countries worldwide and have over 7,200 users.

The Growth Point

We have reached a stage where graduates are equipped with the knowledge to build IoT projects using the Favoriot IoT platform. These talents will catalyze IoT growth in Malaysia and other countries worldwide.

Conclusion

Building IoT solutions requires a lot of resources and time, but with Favoriot, we hope to provide an affordable and accessible platform for users to develop innovative IoT applications. With the growth of IoT worldwide, Favoriot will become a preferred IoT platform for many IoT deployments in the future.

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