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.
Want to become the Internet of Things leader?
Successful IoT development requires a structured approach. Before embarking on an IoT journey, you must clearly understand:
how your business can benefit from IoT implementation

Check out this report to benefit from:
a clear step-by-step roadmap to building an IoT solution
what challenges you will have to face and how to overcome them.

a clear definition of the key components of your future product
a showcase of the best practices to follow in IoT application development
a list of key items to account for
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Get the results from the survey
and leverage the IoT potential to the max