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IoT development challenges

How SMBs are implementing IoT technology

The data and tips from this report can help you make informed decisions to minimize the time to value for your IoT initiatives, overcome the challenges you will face, and ensure stable product growth with optimal cost-efficiency.

The Internet of Things revolutionized many industries and continues to do so in the post-COVID economy. Startups and SMBs alike require
IoT application development services to be able to compete with global corporations, mitigate risks, introduce new business models, etc.

In the Q1 of 2021, we surveyed several dozens of SMB C-level executives to discover the business drivers behind their need for IoT development, the issues they faced along the way, and how they were able to overcome these IoT challenges. The report consists of 2 parts: survey insights and practical recommendations on the IoT business strategy and software development.

Key insights from the report

Business goals

The top three reasons for IoT solutions implementation were the need for business efficiency improvement (58%), automation of error-prone processes (42%), and better equipment monitoring (33).

Main barriers

47% of executives name selecting the best monetization model as the key obstacle for IoT implementation in their organizations

Development issues

The most complicated IoT software development stages for 30 % of respondents were validating the idea properly, along with selecting the relevant technology stack, platform, or devices.

Revenue streams

50% of those who have already got ROI reached their business objectives within the first year from the IoT initiatives implementation.

33%

42%

58%

30%

47%

50%