IoT or Internet of Things is evolving with several changes. It’s akin to what happened with cloud, where most managed service companies took pride in referring to themselves as “cloud”, though later on only a few trusted platforms survived. Similarly, the viability of building an IoT solution may be lost, as it would become ridiculously easier to launch an IoT product on a platform that is already there.
Security:
There seems to be a flurry of activity with the market being flooded with several IoT devices, just like it happened when computers and computer software was new in the market. Most of the device providers today seem to have scant regard for security, and it is more of a tag that is attached to the devices. However, with the saturating PC market most people know how to create security not just for such devices, but for the process as a whole. Security must be considered as a basic requirement in the entire gamut of software development process. Although small players may not have the wherewithal to create their own, they are at the mercy of a platform provided by another company that has a decent track record as far as security is concerned, or sell their devices with no security cover.
Return on Investment:
Any new company will find it worth its while only if there is a considerable RoI. Other than the costs involved, there should some substantial returns for it to be viable. That is why various IoT technologies and suppliers need to think diversely. While one company may think it lucrative to throw their lot with industrial automation, yet others may think it is the homes that are crying for automation, while yet another would think that it is the government offices that need automation.
In each scenario, the cost factor will certainly be different. While one company may think on the lines of charging by the month for the device, yet another may be interested in levying charges for data transfer and storage alone. In such scenarios, the initial installation costs as well as running costs need to be taken into account. If it is going to be a long term project, the condition of the device over the period needs to be taken into account. Then there are licensing and tooling costs that need to be taken care of as well.
Deciding factors:
The deciding factors for a new company entering into the IoT sector would certainly be the return on investment (RoI) and security. Of course, the other factor would be maturity, which has several aspects. Consider scenarios like the instance of Revolv being shut down by Nest, leaving several users in the lurch. Hence, continued support is vital throughout the various stages of development. Technical support has to be provided by the vendor, and the performance needs to be tried and tested so that the customer does not face difficulties. To know more about IoT look up Infognana, the tried and tested managed services provider operating in the trade for long.
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