Today, we are completely surrounded by the Internet-of-Things (IoT) technology. Simply put, Internet-of-Things helps devices and machines communicate over the internet. IoT successfully delivers information about our products and helps us make informed decisions and when it comes to IoT applications, the scope is as huge as the ocean.
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IoT comprises of technologies, products, systems, and processes to generate a smarter consumer experience and create innovative technology as per the need of different enterprises. Blockchain, AI, Mixed Reality, Edge Computing etc., are all technologies that intersect with the Internet-of-Things.
In today’s fast-paced world IoT is efficiently gaining momentum as it delivers secure, scalable, and user-friendly solutions. However, despite the numerous benefits that IoT comes with, developers still face some challenges when it comes to IoT product development. Many enterprises face challenges with IoT product development because they only focus on IoT development without considering, evaluating, or understanding the primary challenges. Some of these enterprises are not even from an IT background but are still committed to providing Internet-connected devices as a service.
Some enterprises that are actually experienced in software and hardware design also make the mistake of considering IoT like other traditional computing technologies. Multiple studies have proven that this practice is a disaster and is the biggest challenge faced by enterprises. This misconception often leads to failure and ruins manufacturers’ efforts, and ultimately damages the integrity of the IoT technology.
Challenges in IoT product development
- Security concerns – IoT technology is a collection of connected devices which makes it even more vulnerable to cyberthreats or cyberattacks.
- Right operating environment – IoT devices are smaller in size and are less powerful so considering all technical factors to choose the right operating environment that is compatible with the IoT device’s functionalities is important.
- Choosing the right gateways – The whole IoT system depends on machine-to-machine communication. Loosely translated, this means that it is entirely connected with devices or sensors. A gateway is the connecting medium of these IoT devices. For example, Wi-Fi, Bluetooth etc. choosing the right gateway is important for privacy, safety, and reliable communication between IoT devices.
Other common challenges in IoT product development include selecting the right IoT platform, cross-platform deployment, and customer-centric applications.
Opportunities in IoT Product Development
IoT has enormous possibilities which are promising and ensure to address real-world problems. The Internet of Things (IoT) market has substantially grown over the past few years as the use of connected devices and smart home and office gadgets is increasing. According to Statista, the worldwide IoT market revenue is predicted to grow over one trillion dollars by 2030, making it one of the fastest-growing technologies.
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The technologies used in IoT for its applications and product development are evolving constantly. This in turn is creating many opportunities for blockchain, predictive maintenance, data processing and data analytics. By 2025, IoT is all set to offer a potential economic impact of $4-$7 trillion. This also means that enterprises need a consultative approach to rely upon before they venture into IoT product development.
IoT networks are now being called as the value-add to the centre of excellence of almost all enterprises. Apart from technology companies, IoT is gaining traction across the FMCG, healthcare, manufacturing, commercial businesses, and the automobile industry.