Hidden IoT infrastructure costs
Many IoT solutions require a complex support system, which is also called “infrastructure”.
For instance, your company specializes in predictive maintenance and sells transformers enhanced with smart sensors. You need a mobile app to generate alert notifications if sensors register abnormal behavior. Your IoT solution may also incorporate a web application for managing field technicians and ordering equipment parts that need replacement. To automate these processes, you have to contract equipment manufacturers, network providers, and maintenance, repair, and operations (MRO) companies — and integrate your custom software with their business apps, which is bound to incur additional IoT development costs.
Another example is IoT-based remote patient monitoring systems, which (besides hardware, applications, and connectivity!) require a dedicated customer support team ready to help users whose condition is worsening.