The Internet of Things is rapidly integrating into every area of business, and many companies, as well as government agencies, are trying to introduce it into application areas. Today, public utilities, law enforcement agencies, and most large companies focused on the Western development path cannot do without the Internet of Things. However, this does not mean at all that this technology is not available to representatives of small and medium-sized businesses. Below is a detailed description of the pricing for the implementation of the Internet of Things in various business sectors.
What factors determine the cost of IoT?
Each potential customer of Euristiq, who asks the question, how much does IoT cost, when calculating and agreeing on estimates, should focus on the following levels of development and implementation of software, sensors, scanners, actuators, and other equipment, that is listed below in details
The cost of IoT varies widely depending on the size and scope of the project. A basic IoT system can cost as little as a few hundred dollars, while a more complex system may cost tens of thousands of dollars. For industrial applications, the cost can be much higher.
At the hardware level
The cost depends on the category and model of cameras, sensors, searchlights, reading, transmitting, and receiving devices, as well as other equipment that is installed at facilities equipped with IoT technology.
Here you should also take into account the amount of equipment listed above, the methods of its installation, the complexity of installation, the total length of cable products, the need to provide additional protection against moisture, wind, ultraviolet radiation or install fire-fighting devices, alarms, and other security elements.
Cost of peripheral equipment
Every IoT-based system requires the installation of intelligent advanced software, which also requires the purchase of computers, servers, processors, and other devices, the cost of which depends on their speed and performance, country of manufacture, and brand.
At the communication level
First of all, the cost depends on what type of connection will be used when equipping the Internet of Things system – wireless or wired.
In the first case, it also takes into account the distance over which information must be transmitted, which affects the type and model of switching devices. In the second case, the category, section, material, and cost of the cable through which the signal is transmitted are taken into account.
In this paragraph, you should also take into account what types of signals are received, whether the installation of stabilizers and amplifiers is required, as well as technological parameters and restrictions on the speed of information transfer via wireless or wired communications.
The tariff is chosen by the user for data transmission service by the operator.
Here it is necessary to study exactly which tariff plans are required to achieve the expected results. Different tariff plans are offered with a wide variety of data download speeds, the number of gigabytes that are included in a fixed fee, data transfer speed, as well as the level of security of a dedicated or combined channel. As a rule, most providers of data switching services initially understand what kind of intellectual product and result is required by the user, the future customer, and offer him the most suitable tariff plan.
If you need to select the desired tariff plan, be sure to take into account that a cellular connection will cost about twice as much, regardless of the type of tariff chosen – from 6 to 12 dollars for each receiving device. In the case of choosing a WAN connection and data transmission system, this cost drops to 4 – 6 dollars.
The need to configure and connect cloud services
If the user of the Internet of Things system decides to choose a scalable platform that can develop without the need to change the program code and purchase additional equipment, he will have to increase his cost estimate due to the connection of cloud services.
It should be noted that each cloud service has its provider – the owner of remote servers and the operator of peripheral software, which will also require the conclusion of an agreement and a paid subscription.
The price of this service depends on the scale of deployment of the Internet of Things system that the user needs, the amount of memory on the cloud storage, the provider’s internal marketing policy, and other factors.
Software type
This broad concept includes many criteria, each of which should be displayed in a detailed estimate for the integration of the Internet of Things technology into the tracking and monitoring system, as well as control of the user’s business.
The cost of the software will depend on which particular developer of these applications is chosen, performance, scalability and upgradeability, and the number of basic and additional functions.
In some cases, the operator can be a simple layman, and then the developer and provider of data services in the field of the Internet of things will need to create mobile applications, interactive programs, and a convenient colorful interface with animation effects, which undoubtedly affects the final cost of the product.
It is also important to take into account what kind of software is planned to be installed – a completely individual development from scratch, which is carried out according to the terms of reference from the customer, or you just need to adapt the template product to the specific needs of the user, without studying the program code and other key points.
Ensuring cross-layer security
In the conditions of modern reality, this point is the most important, since any system based on connecting to the global network is often subjected to cyber-attacks, copying and theft of user data, and sometimes to their deletion. In this regard, it is imperative to include an additional cost item in the estimate for the installation of multi-level encryption keys and other security systems to secure all important data. Some large companies that apply to Euristiq to develop a turnkey system based on IoT technology are willing to pay up to 20% of the total estimated cost of the entire intellectual product, including physical items and objects.
Thus, given the number and variety of factors that can affect the final cost of product development, no IT company can accurately name, without calculating the estimate, how much the full range of work and equipment range will cost. Some large companies are budgeting hundreds of thousands and millions of dollars to equip their businesses with IoT technology. Euristiq offers the best prices on all types of hardware, as well as software and IoT system integration work, compared to most competitors.
