Question 1

What is Internet of Things (IoT)?

Accepted Answer

The Internet of Things (IoT) is a network of digital devices that connect to the internet and use sensors to communicate and exchange data. This enables people to control their connected devices anywhere, anytime. As a result, organizations can increase productivity, efficiency, and security. Everyday examples of IoT devices are heart monitors, pacemakers, and smart cars.

According to Statista, we will be using over 29 billion IoT devices worldwide by 2030. The following are verticals that are currently using over 100 million IoT-connected devices:

Electricity
Gas
Steam and air conditioner
Water supply and waste management
Retail and wholesale
Transportation and storage
Government

Question 2

What is an IoT development company?

Accepted Answer

An IoT development company provides custom solutions, devices, applications, and software using IoT technology. These companies typically have expertise in various areas, such as hardware design, software development, cloud computing, data analytics, and connectivity protocols.

This is not to be confused with an IoT company. An IoT company provides off-the-shelf IoT products for individual or organizational use. In contrast, an IoT development company tailors IoT solutions based on an organization’s unique needs and goals.

Examples of IoT development companies are ELEKS, SoluLab, SumatosSoft, and Innowise.

Examples of IoT companies are Apple, Microsoft, IBM, Google, and Oracle.

The industrial IoT global market is predicted to reach $325.80 billion by 2024 and $525.20 by 2028, with an annual growth rate of 12.68%. Research also states the US is the primary driver of this growth, which is expected to reach an estimated revenue of $76.61 billion by the end of 2024.

Question 3

What services do IoT development companies specialize in?

Accepted Answer

IoT development companies specialize in developing IoT systems, software, and hardware to help businesses solve digital challenges and explore new revenue streams. The following are specific services IoT development companies specialize in:

Systems integration
Big Data analytics
Cloud computing
Edge computing
Legacy system modernization
Cloud migration
Machine learning (ML) and artificial intelligence (AI)
Hardware prototyping
App development
IoT networking
IoT gateways
Application management
Operations management
Connectivity management
Device management
Quality assurance
Cyber security
Enterprise IoT

Question 4

What IoT services do the best Internet of Things development companies provide?

Accepted Answer

The best Internet of Things development companies provide audits, IoT roadmaps and architecture, customized solutions, security and risk assessment, implementation and integration, and data analytics and insight. They also offer ongoing maintenance, support, and training services for their clients.

Technology audit: IoT developers don’t create strategies based on guesswork. They look very closely into their clients’ current technological status to develop data-driven IoT solutions based on their needs and long-term goals.
IoT roadmap and architecture: Because IoT systems are large-scale projects, the best agencies lay out their strategy and implementation plan clearly from the beginning. This way, everyone involved can easily understand and visualize the entire project scope.
Customized solutions: An IoT development company will build IoT technologies, platforms, and systems based on the client’s specific needs and requirements.
Security, privacy, and risk assessment: This includes assessing security risks and vulnerabilities and setting up robust systems to identify and quickly resolve any emerging threats and issues. The IoT development company also ensures that the entire IoT system is up to standard and follows industry best practices and regulations.
Implementation and integration: IoT development companies assist businesses in integrating IoT solutions with the client’s existing IT infrastructure, enterprise systems (such as ERP or CRM), and third-party applications or services.
Data analytics and insights: The best IoT development companies ensure that their systems provide thorough analytics and actionable insights based on the data they collect.
Maintenance and support: IoT systems should evolve with business needs and technological advancements. To do this, IoT developers perform regular updates, troubleshoot emerging issues, and provide technical and security assistance and continuous optimization.
Training and Education: Top IoT development companies know that an IoT solution is only effective when businesses use it to its full potential. As such, they provide workshops, training seminars, and educational materials for their employees, so they can make the most of their IoT solutions.

Question 5

Why should I hire an IoT development company?

Accepted Answer

You should hire an IoT development company for cutting-edge, customized tech solutions that will help you achieve business goals and comply with the latest security standards and data privacy laws. This, in return, will give you a competitive advantage in your industry, help you save on costs, and ensure that your solution grows with your business.

1. Get a dedicated team of experts

IoT projects require specialized and multi-disciplinary skills that are not always readily available. This can include cloud computing and migration, mobile app and web development, and IoT networking and gateways. They also have technical knowledge of Bluetooth Low Energy, Supervisory Control and Data Acquisition (SCADA) systems, and low-power wide-area networks (LPWAN).

2. Save on costs

The base pay of an IoT developer is $107,000 a year, so you can expect to pay about $535,000 a year for a small team of five. This doesn’t account for onboarding costs and the high-end tools you’ll need for your in-house IoT project.

In contrast, an IoT software development company charges between $30,000 and $50,000 for a minimum viable product (MVP). Plus, you can get a discounted rate for equipment and devices, as an IoT developer software has direct contact with manufacturers and suppliers.

3. Get tailored IoT solution that scales with your growth

Not only do businesses have unique needs, but they also have very different digital ecosystems. An IoT development company studies each client’s tech process and pain points. In doing so, it can build bespoke IoT solutions that seamlessly integrate with existing IT infrastructure and cater to their specific business needs. This ensures that the IoT solution aligns perfectly with the business processes, workflows, and goals, increasing its effectiveness and value.

4. Gain the competitive advantage

According to McKinsey, business-to-business (B2B) applications will make up 65% of the IoT economic value by 2030. This means that your competitors will likely already have an IoT system before then.

However, you can gain a competitive advantage by hiring an IoT development company that will go beyond solving your surface-level issues. It will identify potential areas for optimization and improvement and propose innovative solutions that leverage the latest technologies and best practices to address pain points and drive operational efficiencies.

IoT development companies also provide ongoing maintenance, support, and upgrades. This helps ensure your solution is always on par with the latest technological advancements.

5. Ensure security, legal, and data privacy compliance

Because IoT solutions contain a lot of critical data and use several hardware components, they must follow more rules and regulations than a regular app solution. This includes Zigbee, Z-Wave, LoRawan, and Bluetooth SIG Qualification programs for the type of connectivity you're using.

You’ll also have to consider the Internet of Things Cybersecurity Improvement Act of 2020, which prohibits using any IoT device that doesn’t comply with the National Institute of Standards and Technology.

An IoT development company is well-versed in all of these laws and regulations, so it will always design IoT devices that meet necessary compliance requirements. Plus, it prioritizes security in its designs, implementing robust measures to safeguard your business data and privacy. This includes encryption protocols, secure authentication mechanisms, and regular security updates to mitigate potential vulnerabilities. With these measures in place, you can confidently deploy your IoT solution built on strong security principles.

One case study that illustrates the benefits of hiring an IoT development company is when Hyginex Inc. partnered with IoT developer ITRex. Hygenix Inc. wanted to reduce the rate of hospital-acquired infections (HAIs) by monitoring the handwashing events at the hospital.

ITRex developed a wearable technology that tracked the healthcare professional’s movements and notified them of the proper timing and duration when washing their hands. It also built a scalable, automated 24/7 Remote Patient Monitoring (RPM) platform, which collected data on handwashing frequency, duration, and compliance, then presented the information in easy-to-understand visual formats. As such, hospital administrators can easily act on the collected data.

As a result, participating hospitals prevented the spread of HAI, reduced mortality and morbidity rates, and saved about $8 million annually. It also increased the following:

Hand hygiene compliance by 70% within a week of IoT solution deployment
Hand hygiene duration from 10 seconds to 24 seconds
Hand sanitizer use by 3x

Question 6

How much do IoT developers charge for their services?

Accepted Answer

IoT developers charge $5,500 on average for IoT prototyping. An MVP can cost $30,000 - $50,000, with a finished project running up to millions of dollars.

The top 50 IoT development companies on DesignRush charge an average hourly rate of $52. 5.1% of IoT development companies on DesignRush charge a minimum project rate of below $1,000, and 7.7% charge at least $50,000.

There is such a big difference in price range because the IoT development company rate depends largely on the complexity, scale, and timeline of the project. Below are additional factors to consider:

Team size: The more complex the project, the bigger the team size and the more expensive it will be to build.
Agency location: IoT development companies in Asia, Eastern Europe, and Africa charge lower rates than those in North America and the rest of Europe due to the lower cost of living.
Current technological infrastructure: A business running on outdated digital systems may be incompatible with the latest IoT technology and operating standards. As such, building an IoT solution for legacy systems may require more time and resources, increasing the project price.
Project scope: An IoT solution for one department will be more affordable than an IoT solution for the organization’s entire digital ecosystem.
Hardware components: Sensors, controllers, communication modules, computer chips, and smart devices can all impact the cost.
Firmware and software costs: These include IoT platforms, website domains, and types of applications. For instance, an IoT solution for desktops is less costly than IoT software for desktops and mobile devices.
Data storage: Because IoT systems use gigabytes of raw data, it needs to be stored in data lakes or warehouses, increasing overhead costs. However, cloud solutions like Oracle and Azure are more affordable.
Manufacturing costs: If you’re building custom hardware to match your IoT system, you need to consider the cost of producing them.
Certifications and licenses: If you plan to sell your IoT device, you’ll need to apply for industry-specific tests, licenses, and certifications. For instance, simple electronic gadget certification costs at least $10,000.

Question 7

How do I choose the right IoT development company for my business?

Accepted Answer

You can choose the right IoT development company for your business by following these steps:

Assess your current digital capabilities: Conduct an internal audit of your equipment, devices, and software to specify IoT's role in your organization.
Discuss with team leaders and stakeholders: Your employees will be the end-users of the IoT solution. Get their feedback and ideas to gain a clear understanding of what they need and want from this new tool.
Learn about the pros and cons of IoT solutions: Custom IoT development will surely benefit your business in the long run, but it can be costly and time-consuming. Make sure you have room in your budget for the potential expense and that your business can accommodate a long project timeline.
Define your project scope: Clearly outline your short-term and long-term goals, budget, timeline, type of IoT solution, technologies, security and safety protocols, and other critical project details.
Research potential IoT agencies: Search for IoT development companies featured in IoT publications, directories, and rankings. Shortlist viable options with proven expertise in the field and can provide the services that you require.
Evaluate expertise and experience: Check their case studies, portfolios, social media accounts, reviews and testimonies, certifications, and awards. Look for IoT development companies with experience in your niche and preferred technology.
Send a request for proposal: Send a request for proposal (RFP) and project outline to your shortlisted IoT development agencies to get accurate price and timeline estimates.
Conduct interviews: Ask questions about their development process, methodologies, QA and security protocols, and project management style. Closely consider those who understand your brand mission, core values, industry, and target audiences. Also, prioritize those that align with your culture and long-term business goals.
Choose your final candidate: Select an agency with a proven track record of delivering results and one that is transparent, reliable, and data-driven. Then, the precise terms of the agreement, pricing structure, and communication and project management processes must be set up.
Set up an in-person meeting: Bring the IoT development partner to your offices to show them the physical technologies it will work with. This will help both parties determine the specifics of the project and adjust the contract details if needed.

Contact us for tailored recommendations on the top IoT development companies. Our team will research and shortlist the top agencies that meet your specific project requirements. Check our Marketplace for more details.

Question 8

How can I find Internet of Things development companies on DesignRush that fit my budget?

Accepted Answer

You can find the Internet of Things development companies that fit your budget by using DesignRush’s agency filter. This will help narrow your search according to hourly rates, minimum budgets, region, company size, and client type.

Below are five IoT development companies with the most affordable hourly rates on DesignRush:

Question 9

What are the key success metrics that can help me choose the best IoT development companies?

Accepted Answer

These key success metrics will help you choose the top IoT development companies:

Net promoter score: Measures the likelihood that a client will recommend the agency and is an important indicator of client satisfaction.
Client retention rate: This shows how long clients work with the agency and demonstrates the reliability of the IoT development company.
Average time to complete an IoT project: This will give you an idea of how quickly and efficiently the agency works.
Number of completed projects: Proof that an IoT solution delivers on its promise and indicates the agency’s level of expertise.
Employee satisfaction score: Provides insight into the IoT development company’s work culture, values, and future growth. High employee satisfaction means your potential IoT development team is highly skilled and will be engaged in your project.
Employee retention rate: This indicates the overall reliability of the IoT development team. A low retention rate can mean that your IoT project will undergo several changes of hands, which can be a security risk and cause delays.

Other key success metrics to watch out for when reading case studies and interviewing your potential IoT development company:

Device uptime: Measures reliability by monitoring which IoT devices are working.
CPU availability: Monitors the workload a CPU or device can handle within a specific timeframe. This helps you determine when you should replace or update your devices.
Data throughput: Computes the number of times data is successfully transferred from one destination to another.
Network Latency: Tracks how quickly data is transferred from one place to another. This determines whether your network can handle your current bandwidth.
Packet Loss: Measures the percentage of data or packets that do not arrive at their target destination.
Site availability: Indicates the percentage of minutes per month that the website is available and accessible.
Active users: Measures the frequency that your employees use and access your IoT devices.
Overall equipment effectiveness (OEE): Computes the percentage of productive manufacturing time.
Return on investment (ROI): Determines how much a business has profited compared to the money spent on developing and implementing the IoT solution.
Battery life and energy consumption: Identifies the amount of energy an IoT system uses. This is critical as it affects overhead costs and the sustainability of your IoT solution.
Mean time for vendor incident response: Tracks how quickly your cybersecurity team resolves a security threat.
Security incidents: Indicates how secure your IoT network is against emerging threats.

Question 10

What questions should I ask before hiring an IoT solutions company?

Accepted Answer

Ask the following questions before hiring an IoT solutions company:

Its Relevant Background

What’s the most notable case study you have worked on? Can you outline the brief, process, and results?
Have you worked with similar companies, industries, or projects before?
Can you walk me through your IoT development process?
How do you and your team meet the changing demands of the market and technology?

Company Services and Processes

What technologies, programming languages, and platforms do you use to build an IoT system?
What are your systems for securing data collected on IoT devices? How do you ensure legal and ethical compliance?
What other types of protocols, guidelines, and industry standards do you follow? Examples are Energy Star compliance, Restriction on Hazardous Substances, Bluetooth SIG Qualification program, and the National Institute of Standards and Technology.
What are your quality assurance and testing processes? How do you identify and resolve issues?
What security protocols do you have to safeguard against security breaches and potential cyber-attacks?
What services do you outsource? How do you ensure that they are up to date with the project and continue to follow privacy, security, and legal protocols?
How much do your services cost? Do you charge per hour, per month, per result, or a flat fee?
What measures do you have in place for disaster recovery and business continuity?

The Project

How will your IoT strategies impact my long-term business goals?
Which IoT tactics do you believe are the most beneficial to business growth and why?
Are there any platforms, technologies, hardware, and systems you recommend for my business? If so, why?
Which team members will be working on our IoT project? What are their credentials?
What is my estimated project timeline?
How do you ensure that your work will not interrupt daily business-critical tasks?
How do you ensure that the IoT system is user-friendly and intuitive for my employees who are not technologically savvy?
What post-project services do you provide? Do you offer training to my employees and ongoing maintenance and support?
What are your predictions about IoT technology? How do you think it will affect our lives and how I will do business in the future?
How will your team future-proof my IoT solution?

Question 11

What are the best IoT development companies in the U.S.?

Accepted Answer

The best IoT development companies in the US are the following:

SoluLab
- 4.1 stars on Google (155 reviews)
- Top clients: Cambridge Assessment English, Mercedes Benz, Walt Disney, Goldman Sachs
Indeema Software Inc.
- 5.0 stars on Google (42 reviews)
- Top clients: Viking Scada, Dog Cloud, UBreez, ShotKam
Innowise Group
- 4.9 stars on DesignRush (19 reviews)
- 3.7 stars on Google (3 reviews)
- Top clients: Deloitte, Accenture, NFT Pro, BMW, OneStop Pro
SummatoSoft
- 4.8 stars on DesignRush (6 reviews)
- 5.0 stars on Google (2 reviews)
- Top clients: Toyota, Dexai Robotics, MyMediAds, Umergence, Boxforward
Softeq
- 4.3 stars on Google (6 reviews)
- Top clients: Daikin Industries Ltd, SanDisk, Coca Cola, Microsoft, Verizon

Scroll up to discover more about these agencies and other leading IoT development companies. All of them have been chosen based on successful projects, industry reputation, customer reviews, and team expertise. And if you want to personalize your search, you can sort and filter companies by location, budget size, hourly rates, and reviews.

Top IoT Development Companies

Best Internet of Things Development Companies

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