IoT App Development Cost, Time, Features, and Market Growth
Posted By : Anirudh Bhardwaj | 03-Aug-2020
The Internet of Things (IoT) market is rapidly growing as more people are gaining access to the internet. A multitude of devices are now connected to the internet, collecting and exchanging data every minute. According to Statistica, there are close to 20 billion connected devices and the number is expected to rise further. The connected devices are no longer limited to computers, smartphones, and tablets. We now have smart TVs, smart speakers, wearables, temperature sensors, smart locks amongst many others. The availability of different types of IoT devices paved the way for smart home automation and the creation of smart cities.
At Oodles Technologies, we have vast experience in building and deploying scalable applications to manage a wide range of connected devices. Our IoT app development solutions cater to the users’ personal, commercial or industrial needs. We have successfully completed several full-scale IoT app development projects for clients from across the globe.
This blog post highlights the key features of an IoT-based application and sheds light on the important factors to consider while availing IoT development services.
Important Features of an IoT Application
An IoT application provides complete control over your devices with better security, scalability, and data-driven analytics. While an IoT app significantly improves the living standard of individual users, cross-industry enterprises can use it to enhance their customer experiences. Given below are the main characteristics of an IoT application that must be kept in mind during IoT application development.
While developing an IoT application, it is crucial to consider all security aspects to avoid potential threats and data breaches. Since the IoT devices are connected to the internet, the user data can be easily compromised or shared with third parties. It is, therefore, essential to render multi-level security to user data and protect it through end-to-end encryption.
It is essential to develop an IoT application that is scalable and user-friendly to address the dynamically changing user requirements. Developers must ensure that the IoT app must be easy to scale as the userbase grows, without compromising with the quality, security, and performance of the application.
Modularity is an important factor to consider while developing an IoT solution as it facilitates quick deployment of the application and reduces time-to-market. Following a modular approach while building an IoT application provides better flexibility and scalability to enable seamless app performance.
The main benefit of an IoT application is that it offers better interoperability and enables users to manage multiple devices in parallel. IoT app development solutions must ensure that users face minimal complexities while using the app across the supported devices.
IoT App Development Market Growth and Forecasts
The IoT network is rapidly expanding to new horizons as all major industries are now using IoT devices in their day-to-day operations. According to Fortune Business Insights, the global IoT market was valued at $190 billion by the end of 2018. It further forecasts that the market is expected to reach $1.11 trillion by 2026, seeing the current trends. The phenomenal growth is expected to happen at a compound annual growth rate (CAGR) of 24.7%. Banks and financial institutions are expected to reap the maximum benefit from this growth.
IoT App Development Time
The timeframe for an IoT project depends on the type and complexity of the application as well as the features you are going to implement. It also depends on the number of screens that need to be designed as it directly contributes to the UI/UX efforts required. Seeing it this way, a simple IoT application for a dedicated smart device can be built within 3 to 6 months. At the same time, developing a full-fledged smart home application for managing multiple devices may take up to 18 months.
You may also be interested in reading Important Factors To Consider For Smart Home App Development
IoT App Development Cost
The demand for IoT app development solutions has grown considerably over the past few years as more companies are investing in IoT projects. Coming to the cost, it majorly depends on the location of an IoT development company, its size, and prior experience in IoT development services. Hiring an in-house team of developers, QA engineers, and operations experts may substantially increase the project costs. That being said, the best solution is to outsource your IoT project to save time and money.
While outsourcing your project, it is important to consider the geographical location of the IoT development company. The average hourly cost for IoT app development in many North American and Western European countries is must higher as compared to many Asian Eastern European companies. While the US and UK-based companies may charge you between $50 to $150 per hour, you can outsource these sources from a country like India for as low as $20 to %50 per hour.
IoT application development has proved increasingly beneficial for cross-industry enterprises as it provides a bidirectional connectivity, enabling devices to send/receive data in real-time. A comprehensive IoT application enables enterprises to streamline their operations, boost productivity and enhance operational efficiency.
We, at Oodles Technologies provide end-to-end IoT development services to address industry-wide operational challenges of our clients. We have successfully completed several full-fledged IoT development projects for startups, SMBs, and large-scale enterprises. For product related queries, drop us a line at [email protected]