How Much Does it Cost to Develop an IoT Solutions Application
By the time we reach next year, the number of connected devices would have reached 50 Billion.
With the growing demand and use cases of the Internet of Things, it is not just the rate of adoption that has seen a rise but also the potential of revenue that businesses can earn after incorporating the network of connectivity in their systems.
While the world is experimenting with the right adoption of IoT - one that would get them high revenue along with enabling them to offer real value, the underlying question remains - How much does IoT application development cost? The answer to which we have revealed in the linked article.
While you will get the numeric answer to how much does IoT development costs in the article above, let us look at the contributory factors that go on to determine the cost of the complete IoT app development process.
Hardware
The cost of building a smart device amounts to over 70-80% of the total IoT cost. A cost that ultimately depends on the type and complexity of the solution that you wish to create.
There are several hardware design stages that influence the overall cost of building an IoT app -
- Analysis
- Modeling
- Prototyping
- Testing
Infrastructure
Infrastructure is made of three different components each of them playing a role in the cost of building an IoT solution -
Network: The IoT ecosystem will fail to solve its purpose until it is powered by a highly scalable network infrastructure, high-speed connection, and low latency. An IoT connectivity is mainly enabled by short-range wireless cellular and the LPWAN solutions.
So when your IoT app is made of a system of connected devices that connect over the cellular network, you will have to pay extra expenses.
Middleware: In case you are thinking of incorporating ready-made 3rd party gadget in the IoT ecosystem, you will be needing a middleware - software that functions as an interface between two or more IoT components, hence connecting the devices that fail to do so otherwise.
Cloud-based infrastructure: These are the storage software and solutions that refine the many gigabytes of raw data in something that is actually meaningful. Cloud storage tend to add in a significant amount of price tag in the IoT app development cost, what we recommend is that you should make use of the smart device connectivity and the data analysis by PaaS solutions developed by Microsoft, Amazon, or Intel.
Application
An IoT application, as your IoT development company would tell you, can be divided into three parts - Simple, Mediocre, and Complex - on the basis of development difficulty. A factor that has a direct impact on the cost estimation for IoT app development.
Simple: These apps work in sync with the custom tracker that takes around 300 man-hours to develop. Even though the application uses many elaborate programming tools for rendering the sensor data and producing information in real-time, we are calling it Simple because Internet of Things development belonging to the Simple category takes less than 500 man-hours.
Mediocre: Apps which contain BLE to facilitate management of connected devices, visualizing data, and for sharing the progress on social media are categorized as Mediocre apps. They take somewhere around 1000 man-hours to develop and a medium range of cost to develop IoT app.
Complex: The app that falls into this category is - secure iOS and Android mobile applications which are integrated with a number of radiation monitoring devices through Bluetooth with the motive to generate a report, send data to the cloud-based server, obligatory authorization, and a Pin code generator etc. takes up approximately 2000 man hours.