How Much Will It Cost You To Develop An App Using IoT Technology?

Despite being a novel concept, the Internet of Things or IoT made immense progress over the last few years. Hundreds and thousands of companies are currently attempting to tap into IoT app development to explore further business opportunities. If you’re thinking about getting one created for your company, you must know how much it will cost you.

The Internet of Things or IoT managed to establish itself as a unique form of technology that can connect industries across the world.

Regardless of the number of tech trends you explore, you will inevitably find IoT in the list of the most renowned innovations. It promises to establish a connection that will span the entire globe. It will also be ready to give opportunities to business owners that are thinking about controlling every machine and device through their smartphone.

The immense demand experienced by the IoT mobile app industry brought forth a positive sentiment-driven outlook for this technology, which in turn gave birth to statistical data proving its rise.

How IoT can benefit your business?

• More than 90% of all decision-makers in business companies expect their company to start using IoT by 2025.
• More than 60% of marketers opine that the companies not using IoT will fall behind in the future.
• Numerous companies have already spent more than $110 billion for the common folk who want smart home systems installed on their premises.
• The user base of 5G-based IoT endpoints will increase to 49 million by 2023 from just 3.5 million in 2020.
• More than 92% of all business using IoT applications is reaping high ROI at the moment.
• More than 90% of all commercial vehicles will run with IoT applications by the end of 2020.

Since business owners are aware of how IoT can help them in their ventures, they wish to know how much it will cost them to get it created.

The dictating factors

Now it’s time for you to take a look at the aspects that will dictate your IoT app development solution cost:

(1) Design and features: It goes without saying that the design and features of every app play crucial roles in determining the expenses. Everything from color combinations, content type, to font size will affect the overall effectiveness of your IoT application. Additionally, in today’s digitized world, customer experiences will determine how you must develop any mobile or web application. You must invest in UI/UX design to make it perfect for your targeted audience. Naturally, the features of your IoT app will dictate its efficiency. If you don’t include at least two or three advanced systems, you may lose the race against your competitors.

(2) Selecting hardware: The next point of consideration is the hardware. The hardware type you integrate with your app will affect the development cost. You need to know about the hardware stages that help you select and design your IoT app and influence the final cost.

• Analysis – During this stage, the IoT app development team with scrutinize the scope and features you wish to include in your IoT application.
• Modelling – Engineers and designers will design a model of the IoT app and present it to you so that you can see how it will work.
• Prototype creation – Usually, developers have to build several prototypes to ascertain the final layout. More prototyping means more expenses.
• App testing – The final phase incorporates testing the application. After you select one of the prototypes, developers will test the same under various conditions to ensure that it performs as it should.

(3) App infrastructure: Just like hardware, the app infrastructure has several aspects that will contribute to the overall development charges.

• The network – No IoT app will ever be able to fulfil its purpose until you connect to a high-speed, error-free internet connection. IoT applications work when connected to short-range wireless networks and LPWAN only.
• Middleware – Third-party app integrations are now crucial to web and mobile applications. If you wish to enhance the capabilities of your app and cater to the requirements of your users, you will need third-party systems.
• Cloud storage – Cloud-based storage systems are mandatory these days due to their security standards and scalability. Regardless of the kind of app, you create; you must integrate cloud-based storage systems with the same.

(4) Size and complicatedness: Apart from all the features and hardware choices, the complexity of your business will have a say in the amount of money you must spend for your enterprise IoT application. Designing one for smart home systems isn’t as pricey as building one for a business company that deals with complicated matters. Also, the overall complexity of the app itself will increase its price.

(5) The development team: Selecting the right tech partner will have a direct impact on the development cost. You must take your time and find the right third-party development agency. Remember to stay away from freelancers, at least for IoT projects. A standalone freelancer can’t create something as complicated as an IoT application without appropriate hardware, software, tech stack, knowledge, and experience.

(6) Testing and releasing: After your development team finishes the work of development, they will test the app. As already mentioned earlier, testing of every kind, whether hardware or app testing, will cost you. Automated testing systems are of inestimable value as they pinpoint even the most insignificant of errors that may affect user experiences. Once your IoT app passes through the testing phase unscathed, you can release it.

(7) Maintenance: The job doesn’t end with the deployment of the application. You need to stay in touch with your development team so that they can run diagnostics, keep tabs on what your users have to say, fix bugs, and release updates. No matter what kind of app you release, the real work begins after a user installs it on his/her smartphone.

Final words

As you can see, there are a lot of things dictating the cost of developing an IoT application. Standard projects usually have a price tag of $18,000, while medium-sized apps can cost you up to $24,000. Complex projects, on the other hand, can reach $30,000 or higher.