Overall, connected devices spend anything between six months and two years in the development stages listed above.
How much would it cost your company to build IoT hardware — given that you need to analyze technical requirements, prototype and test your idea, and manufacture devices en masse?
The honest answer is, “It depends” :)
A self-learning smart home system with facial recognition capabilities
may cost up to $5 million
(hardware and software costs included).
The price of building a custom ECG tracker that analyzes the electrical signals of a human body and measures how well your heart works could reach $ 300,000
— but there are additional IoT development costs you should be aware of.
Certification is often considered one of the major factors behind the cost of IoT hardware.
Although the Internet of Things regulations differs from country to country, they usually encompass the following categories: