The term Internet of Things has become a part and parcel of our lives. It is no longer restricted to the tech geeks rather IoT is now known to be famous and affordable by each one in the society. The trends in the market clearly show us that most of the companies have already adopted the internet of things technology for better opportunities and growth in their business. IoT is now being implemented by various sectors like healthcare, transportation and logistics, water, hospitality and many more.
The reports say that in the year 2016, around $235 billion was invested by companies in the internet of things technology and since then the numbers have kept increasing.
Internet of things has already proven to be a field of opportunities, growth and new investments. Before we step into this world of automation and technology, it is important for us to know the cost involved in developing an IoT app and through this article, we will try to make it simple for you to understand the monetary part of developing an IoT app.
There are few criteria which must be kept in mind before commencing the work of an IoT app and they are as follows:
• Challenges: IoT, in arguably lays plenty of opportunities to different businesses but it is also surrounded by several challenges and threats considering the fact that IoT also gives birth to a number new tools and technologies which constantly need to be scrutinized. There are a couple of other social media and geolocation technologies which take the maximum time and money to be developed. Thus, it is important for us to know and understand our requirements clearly as it becomes easy to develop an app.
• Time taken: The features involved in an app, the size of the project along with the team of developers will decide the time and duration for developing an app. For example, if an app has fewer features in it and the project size is small then the time taken for developing an app will be less and if an app has complex features in it and requires more number of developers then the duration of developing an app will comparatively be more. The developers and experts can brief you about the estimated time for developing an app depending upon the factors such as geolocation, sync, API and many more.
• Efficient Team: Experienced developers having in-depth knowledge about IoT application development are involved in developing an app. The team strength will purely depend on the size of the project and its complexity. Once the designing and developing of an app is completed then you will also require a team of IT experts who will help you with the testing and implementation of the app as these two processes consume the maximum time for developing an app. This phase of developing an IoT app is guided by various factors such as responsiveness, licensing, security of the app, estimated cost and many more.
• Maintenance: The process of app development does not stop at the implementation stage, it is much beyond that. You must ensure that the apps can be updated as and when required and also new features are comfortably adopted by the app. The team of developers must develop an app in such a way that any upgradations and amendments do not consume more time as it will lead to higher maintenance cost. Further, the cost of maintaining an app varies from country to country depending on factors such as project size, number of developers involved and the tools used in developing an app.
As discussed in the above-mentioned criteria, the cost of developing an IoT application depends on various factors such as the size of the project, the strength of the team, tools and technologies used, various threats involved, security and privacy of an app and many more. However, the standard cost of developing an IoT application ranges from $18000 to $30000 approximately.