How Much Will IoT App Development Cost in 2022?

IoT Applications have already transformed our daily lives. From Refrigerator to smart cities to Smart Cars, and now many more hardware products, this unique technology is being used to make people’s lives easier.

According to the reports, there will be approx. 31 billion devices will be connected with the Internet of Things (IoT) by the end of year 2025. One research also claims that, approx. $3 trillion had been spent by business houses and consumers in the year 2020-21.

Every start-up, mid and large organizations have started integrating IoT to get the benefits of cost, effort, time and productivity. Lives become easier as real-world objects or physical things are gets connected with digital world through IoT Devices. The future is all about how Industries integrates IoT Devices to gain a competitive edge in the market over their competitors.

Today, IoT Devices is used in almost all types of business verticals and also help them to grow exponentially. As the usage of IoT Devices is increasing rapidly all over the world, so is the requirement of app development companies or smart device manufacturing industries. Because the technology is new, developing an IoT application for your business is a challenging task.

In this article, we’ll talk about the costs of developing an IoT applications and the factors that influence the overall costs.

What are the main factors that Influences the Cost of IoT App Development?

The cost of creating an IoT solutions for any business is influenced by numerous factors. These factors can be linked to either features or depends on specific IoT developers. We’ll go over each factor one by one to help you figure out how much money you’ll need to invest to develop an IoT app for your business.

1. Type of Mobile App and Complication

The most important factor in IoT App Development is considering the type of mobile app as well as the features that must be included in the app. Mobile Apps with a high level of complexity requires more time on development and consequently the development cost is much higher. It is strongly suggested that before developing any IoT App for your business firstly you should inspect the purpose of the app and the functions that are required to be included in it.

2. Cost of Development Team

How many developers is required for a project is determined on the size of the project. The number of developers requires in a team is totally depends on the complexity and size of the project. Two developers, one designer, one tester, and one project manager are required for developing a basic application. If the size of the project is big or of a higher grade, however, the size of the teams grows exponentially. As IoT app development progresses, a number of new employments added, such as back-end developers, panel designers, business analysts, and so on.

3. Time Required for Development

There are three main parts in any mobile app development process:

Designing: In this stage, learning about the clients’ requirements and creating a layout of the project is done. After creating the layout of the project, we moved on to the next step. The average time required for this stage takes between 80 to 300 hours.

Development: In this stage, the development team works thoroughly to confirm that the project is completed on time and without any bugs or faults. This stage takes the majority of the time, as development team include the latest technology and attempt to build synchronization between various features. The average time required for completing this stage takes between 500 to 1000 hours.

Testing and Post-Development: In this stage, if the final product has any faults/bugs or needs any improvement, it is eliminated at this point. Also, just a few companies offer post-development services in order to retain a long-term client relationship. On an average, this stage takes around 100 hours to complete.

So, the standard or estimated time required to complete a simple project with standard UI and functionality is approx. 400–600 hours. On the other hand, if a project needs Custom-made UI and high-end functionalities requires 700–800 hours of development. Furthermore, if you need to include 3rd-party integration and complex features in the app, as well as real-time management and a large database, it requires more than 1100 hours to complete a project.

4. Per Hour Rate

Hourly rates of developers depend on country or location, experience and technology used for the project. Like the hourly rates of Developers in Southeast Asian countries and Western European countries are vastly different. Here is the example:

Costs of Regional Development

Southeast Asia (SEA)

Eastern Europe ($20–$40)

Western Europe: $30–$50

From $60 to $135

These rates, may vary depending on the size of the organization, experience or technology. Early stage Start-ups don’t charge much because they’re just getting started in the business and need to establish trust and long-term relationships with their clients.  On the other hand, mid or big organizations in the IoT app development industry charges huge amount from their clients because they have extensive expertise and experience in the field. As a result, hourly rates vary from one organization to another based on their size, experience and expertise.

What is the Average Cost of Developing an IoT App?

So far, we’ve discussed about the number of factors that influences the cost of developing an IoT application. Many start-ups, mid and big organizations require the development of IoT solutions in order to improve the quality of operations and their business efficiency. IoT Apps can be integrated in any type of business verticals such as Healthcare, Automobile, Agriculture, Banking, Retail, Smart Cities and so on.

So, the overall cost of IoT App Development depends on various factors like Development Time, Industry, Complexity of App, Cost of Developers, Technology Used, and so on. For example, the cost of developing an IoT App for Healthcare Industry is somewhere around $30,000 to $40,000 and it varies by sector and the complexity and security it deals with.

Conclusion

It is a fact that if you want a high-quality product with a high level of functionality and security you will need some big amount of money. With the growth of the global IoT app market, we can now estimate the great opportunities it presents to industries to extend their business operations and it also creates a lot of employment for IoT Developers. If you want to develop an IoT app for your business, the most important thing to reminisce is to note down all the functions or features you want to include in your app as per you user’s mindset.

If you look forward to developing and implementing an IoT App for your business, there’s no better technology partner than us.  HashStudioz Technologies Inc is one of the best IOT Development Companies providing custom IoT solutions. We provide end to end IoT development services from hardware integration, IoT Firmware Design, IoT app development, IoT-enabled mobility services to custom IoT application development.

Please visit our IoT Development Company page If you have any IoT App Idea in mind? So, grab the opportunity and get a free consultation call from our IOT Experts.