Contact us anytime to know more - Abhishek P., Founder & CFO CISIN
You are not the only one who is confused by the concept of the IoT platform. Many product leaders face the same problem. IoT App Developer is the best option if you are looking to build a platform. Here are some examples of IoT platforms that include:
- What is an IoT platform? Why do you need it?
- How does the IoT platform fit into your overall product strategy
- What are the various categories of IoT platforms across the IoT technology stacks?
- These are some of the most important considerations to make when choosing an IoT platform.
- How to choose between building or buying IoT platforms?
What's an IoT Platform?
IoT is a way to get a headstart in building IoT systems. It proves that built-in tools are available and have the potential to make IoT easier and more affordable for users, developers, and businesses. Internet of Things solutions are not possible without software. This middleware, also known as IoT cloud platform or IoT, even comes with the software. It's a multi-layer technology that allows for simple management, provisioning, and automation of connected devices within the IoT universe.
IoT provides the infrastructure necessary to build the features you need. An IoT platform should provide the same functionality as your application. It is important to build the features that will differentiate your product and add value for your customers.
It is possible to reduce development costs and risks by combining the functionality with the non-differentiated. This will help accelerate your product's time in the market. There is technical jargon when talking about IoT platforms. This includes rules engines, transport, data lakes, and other terms. This all requires proper supervision and planning. Here are the main functions of the IoT platform.
- Real-world data can be collected with sensors.
- Analyzing local data.
- To send and receive data commands, connect to the cloud.
- Data storage in the cloud.
- To create insights, analyze the data stored in the cloud.
- Based on the insights, the proper command is required to execute the tasks.
- Giving the right insights to users.
The IoT platforms offer important "behind the scenes" capabilities.
- Manage all IoT devices on the scale.
- The IoT technology stack tries to secure the operations.
An IoT platform will provide the best infrastructure and tools. It is based on simple descriptions that cover as many tasks as possible. If the Internet of Things platform has the best features but it doesn't allow data transfer from one device to the next, then this will create a huge gap. This is a situation where you can have more than one IoT platform.
IoT Platform Supports:
- Assists with the connection of hardware, such as sensors and devices.
- Provides security and authentication to the current user and device.
- This program assists in the management of device hardware and device software communication protocols.
- Analyze, visualize, and collect data from sensors and devices.
- All the above can be integrated with the exhibiting business systems or other web services.
How Can IoT Platforms Fit with Your Product Strategy?
The platforms for the IoT aren't unique. If you look at other domains, you will see that there are very few options. Ios and Android are the two dominant mobile platforms. The macOS and Windows are desktop platforms, and the Xbox and PlayStation gaming platform platforms are. You will find a few dominant players in this market. This is why you won't see the same in IoT.
Before you can begin product development, it is important to have a strong strategy in place for the IoT section. These are the three areas that a solid strategy should address:
- Market research is essential if you want to be successful in the marketplace. This is also known as desirability.
- Is there a business model that allows you to make money from your product? This is also called viability.
- Next, you will need to know if you can build your product. This is called feasibility.
The IoT platform can help reduce risk and accelerate the development process. Only after you have assessed viability and desired outcomes can you plan for feasibility. This means that your product/service must solve the customer's problem or pain using your solution. After you have completed the Data and UX Decision Areas, you can then choose the IoT platform. To start, make sure you complete the UX Decision Area. Next, go through the data business decision areas to determine viability.
Popular IoT Platforms
Because it requires integration by multiple components from all five layers of the IoT technology stack, the IoT platform is considered one of the most complex. It is difficult to cover all areas of the IoT tech stack due to its complexity. To cover all the IoT platforms, you will need a few different IoT platforms. Mobile app development is in high demand.
Here are the most popular IoT platforms:
- IoT connectivity platform
- Cloud platforms
- IoT device platforms
- Analytics platforms
We will now explain the whole platform in detail:
IoT Cloud Platform
This category includes the basic building blocks of the product. It even includes data storage, analysis, transporting, and display. This category is intended to facilitate rapid application development by abstracting the complexity of creating IoT solutions. There are many IoT platforms on the market. It can be daunting to choose which one to opt for. Platforms can be equipped with many flavors, such as:
- Industrial platforms
- Platforms targeting developers
- Consumer platforms
- Platforms that focus on particular verticals
- Platforms of higher level are great for prototyping and MVPs
- On-premise vs. Edge vs. Cloud platforms
A wide range of IoT platforms is covered in detail. This topic is covered in detail by IoT Analytics. Here are the top IoT cloud platform players.
IoT Connectivity Platforms
The connectivity of the IoT technology stack is crucial. Connecting the ground IoT device to the cloud application or other big data repository. Many platforms rely on Wi-Fi to connect to the Internet. This type of product will include connectivity management in their application. It also helps with the enablement platform. It may not be worthwhile to invest the extra effort and time required to ensure connectivity.
However, products that are part of IoT critical, like equipment, smart grids, and connected cars, have more robust communication technology to reach the Internet. Many IoT devices rely on cellular technology, such as 4G or 5G and NB-IoT. The data does not flow directly from the IoT device into the Internet or the cloud platform. Instead, all data travels through the cellular network managed by the mobile operator before it is routed to the Internet.
It is better to use third-party infrastructure to transfer data, such as from an IoT device to a cloud. This includes dedicated bandwidth, additional security, and strict connectivity SLAs.
There are many challenges when working with the network operator. The product will work anywhere in the world if there is a strong partnership with cellular operators. This is where IoT connectivity plays an important role in managing the connectivity between cloud platforms and devices across cellular operators.
It is much easier to use a single interface for managing, monitoring, and deploying than working with multiple carriers. It even includes additional functionality like connectivity management, traffic monitoring, and geolocation, as well as over-the-air updates and device management. As the IoT platform becomes more popular, the line between cloud and connectivity is blurring.
IoT Device Platforms
The platform offers hardware building blocks for IoT Devices. To accelerate your efforts, the hardware should be considered the long pole of the tent. It is important to choose the right IoT platform based on IoT product adoption. Once the market has gained traction, it is best to shift your focus from product-market fit to profitability. This is the time to invest in custom hardware.
This stage is all about innovation. This will allow you to understand the customer's needs and help you develop solutions. It is important to create a simple prototype that can easily be shared with customers and can be iterated as quickly as possible. This is a great time to use the entire range of hardware components available to build your prototypes.
It is important that you approve the product-market fit when designing IoT devices. This will allow you to create products that more closely match the final product you intend to launch. This hardware engineering can also be used to create blocks for your custom hardware. This will allow you to create a semi-custom IoT platform.
This stage is where form factors and not functionality are the most important. IoT devices can be used to create enclosures, interactive user interfaces, and other useful features. These are just a few of the elements that need to be addressed by both engineering and industrial design teams.
Now you can concentrate on custom hardware once you have finished with the product market. Optimizing for the form factor, serviceability, cost, supply chain, and the cost is the main objective. Pre-market fit devices can be costly. To achieve this goal, it's best to redesign your IoT devices. It is possible to work with cloud and connectivity vendors to help you choose the right hardware for your IoT device.
They can help you with reference architectures as well as a partner to assist you in IoT device manufacturing and design at scale.
IoT Analysis Platforms
An IoT product's main purpose is more than just collecting data. It provides actionable insights for the users. This is why data is more important than just collecting data. The majority of cloud platforms come with enough analysis tools to support many applications. If your mobile application has additional requirements such as data processing, visualization, machine learning, artificial intelligence, twins, or digital twins, the IoT may be able to help you accelerate your IoT development.
Some platforms provide generic analytics features that can even be tailored to include vertical-specific features like logistics or predictive maintenance.
How Do You Choose The Right IoT Platform?
It is not easy to choose the right IoT platform. There are many vendors and options available at each layer of the technology stack. To find the right option for you, it is important to do your research. Below are some key points to consider when choosing an IoT platform.
Large Ecosystem
Because the IoT is so large, it's impossible for one company to dominate it all. You should look for companies with strong app ecosystems and a strong partner ecosystem if you want to make a wise investment in expansion and optionality. The majority of IoT platforms do not create hardware but rather have good relationships with partners and a strong ecosystem to draw from. This is one of the positive signs.
Reputable Company
Many people think IoT is too risky. It is possible to trust a company that will provide the core of your product. It is important to evaluate the company's reputation, financials, and stability.
Open APIs
Extensibility is key. You need to ensure that your provider allows programmatic access to their functionality.
Strong Onboarding
It is always a good idea to work with a vendor who understands your industry. Their solution will be tailored to your data and will comply with industry regulations.
Vertical Focus
It is important to find companies with a solution department that can train your team. These companies will help you design the architecture and guide you through the proof-of-concept stage.
All you need to do is build a partnership. This is a difficult decision that can't be made on your own. You need to collaborate closely with all the groups within your company. This includes UX, Engineering, and Finance.
Read More: 10 Plan-of-actions you must leverage to be Future ready for IoT
Should you Buy or Build an IoT Platform?
IoT platforms that are commercially available offer many advantages. Many companies think that IoT solutions must be built from scratch. This company is known for spending a lot of time and money building infrastructure that does not add value to its customers. You don't have to build the entire IoT infrastructure yourself. Here are some common myths against commercially-available IoT platforms.
Myth 1 - My Product Is Unique
IoT platforms are generic, and there may be gaps between your ideal solution and the features you need. It is important to assess the size of that gap and determine if there are ways around it. It is important to consider the missing features. Are there other software vendors or platforms that can fill the gap? Next, you need to determine if functionality can be delayed. You can also contribute to their growth. Many developers are working on new functionality and enhancements at the top companies. The gap can be filled with the next release. The new functionality is not necessary to be mentioned. Even the next release can close the gap you have seen. It is not necessary to mention new functionality, tools, and partners.
Myth 2 - IoT Platform Is Costly
Although the platform is expensive, it's still a small investment compared to the benefits in the future. These are the minimal expenses required to build your own platform. It will take time and money to create an IoT platform that works. You will need to continue paying support and maintenance fees for all this. You need to have something at the heart of your strategy if you've overcome all technical hurdles as an IoT Developer.
Myth 3 - Investors Will Lower Your Company's Value
Many product leaders believe that investors will not see the product's true value if it uses third-party components and IoT platforms. Nothing could be further from the truth. Many investors are only concerned about the ROI and USP. It doesn't mean that the product loses its value if it is built on a platform.
IoT Features
We've highlighted the main features and characteristics of IoT that make it the most popular technology. Many of the common features shared by IoT devices are listed below.
Connectivity
The key to the IoT is connectivity. The key to the IoT is connectivity. IoT is a network of sensors, computers, and devices that can interact and communicate with each other. IoT must offer a reliable, secure, and fast connection to meet business needs. IoT uses cross-domain technology like cloud computing projects and AI to connect devices. They can be connected using radio waves, Wi-Fi, or Bluetooth as well as cables, wires, and cables.
Scaling
IoT solutions can be scaled to meet customer requirements. The IoT system must be capable of adapting to high-demand periods while returning to normal operation during lower periods.
Sensing
IoT devices gather data from their environment (temperatures and light, acceleration), analyze this information, and then take action. Sensors are able to gather data and perform tasks not possible for humans. IoT can work with both raw data and processed data. An automated door could collect data using sensors such as optical and radar sensors. When someone approaches, it will open the door automatically. IoT makes use of a variety of sensors, including motion, temperature, humidity, accelerometer, and gyroscope.
Analyzing
We all know that IoT relies on sensors to collect raw data. Why does IoT need data? IoT requires a lot of raw data. What's the point? Data is useless and meaningless. Data that isn't processed in a meaningful way to gain valuable insights will be meaningless and useless. IoT collects raw data in order to extract useful information. It is crucial to analyze raw data in order to determine its structure, relationship, usability, and utility. The sensor data should be analyzed by the automatic door in order to determine whether a person or an animal is present.
Artificial Intelligence
AI is an important component of IoT. This is made even more practical by the constant advancements in blockchain technology. The smart fridge will alert you when you run out of food and allow you to replenish it. Artificial intelligence allows you to do such things. IoT devices collect raw environmental data and convert it into useful and informative information. IoT devices can also be trained with machine learning models to better understand and function in their environment.
Smaller Device
The size of today's equipment and devices is shrinking. These small devices can deliver excellent performance and precision in the Internet of Things. It's amazing how precise and small these devices can be. They can improve our quality of living (such as tiny sensors that measure the quality of the air and help us avoid polluting).
Dynamic Nature
IoT systems must be flexible enough to adapt to changing environments. This will allow them to be useful for any business with more resources. Let's take an example to illustrate this. A smart air conditioner's temperature setting should be determined by the outside temperature. The temperature sensor collects this information. The temperature sensor must also be capable of adjusting the humidity level to match the environment.
Active Engagement
IoT connects its products and devices to interconnected technologies like AI, Blockchain, and Cloud computing. Interaction between technologies and products is crucial for data collection and manipulation. Raw data can be extremely valuable and help improve business decisions. Engaging with IoT technology is essential.
Integration
IoT provides customers with a fantastic experience by integrating a variety of cross-domain technologies, such as cloud service for computing and deep learning. The Internet of Things is more than that. It's now part of everyone's Internet. It's a vast network of connected gadgets that effectively raises our standard of living.
Automated
Automation is an essential part of any technology. Automation is the core of IoT. Automation is the core of IoT. It was designed to simplify people's lives and improve their businesses. IoT farming systems automate irrigation and reduce water wastage.
Security
IoT users should be concerned about security. Security should be a concern because IoT systems transmit and store sensitive data. It is possible to prevent security breaches by making sure that IoT systems have safety and security safeguards. An IoT network that's reliable and secure is costly. You should take many safety and security precautions. You should not fail to take these precautions as it could result in mistrust between customers and companies and lower demand.
Endpoint Management
IoT users should be concerned about security. Security should be a concern because IoT systems transmit and store sensitive data. It is possible to prevent security breaches by making sure that IoT systems have safety and security safeguards. An IoT network that's reliable and secure is costly. You should take many safety and security precautions. You should not fail to take these precautions as it could result in mistrust between customers and companies and lower demand.
IoT: The Pros
The Internet of Things (IoT) has undergone many significant changes and has continued to improve over the years. Here are some key benefits of IoT. Simple Access IoT is a tool that simplifies life. Smart solutions are possible because it works in real time. Only a smartphone with internet connectivity is required.
IoT-enabled gadgets can notify you via text message or other communication methods about the condition and status of your groceries. You may receive a text message from your refrigerator if there is a shortage of milk.
Wireless Technology Makes It Possible To Create Smart Cities
IoT-enabled gadgets make sure that electricity is not wasted. They are entirely automated and hardly ever need human involvement. It turns street lights off when daylight is present and on when darkness falls.
IoT devices can be used to monitor vibrations in buildings, bridges, and monuments in case they become overloaded. These are some great examples of IoT in smart cities. Schools and hospitals can help reduce noise pollution and preserve peace.
Communicate with Ease
IoT encourages Machine to Machine (M2M), or the connection between gadgets. It allows you to automate and manage your daily taxes.
It's Possible To Save Money
IoT can help businesses reduce production costs by allowing electronic devices to communicate. IoT improves the efficiency of our systems by allowing data communication among electronic devices to be translated into the format we need.
Business Benefits
IoT can help you find new business opportunities by looking at data samples from your most valued clients. It gathers network data and then uses advanced analytics to discover commercial insights as well as potential prospects.
IoT devices are able to predict customer needs and allow you to analyze data. This allows you to explore new possibilities for work and create new revenue streams.
Productivity Increases
A company's productivity directly correlates with its profitability. IoT allows for just-in-time training of staff, which increases labor productivity. It also reduces skill gaps and increases organizational productivity. This gives us more time for other activities.
These are just a few of the many great benefits IoT offers. It is also important to consider the negatives of IoT and how they affect you in real life.
Cons of IoT
Let's take a look at some of the downsides of IoT.
Complexity
However, there are some limitations to the technological advances and improved user experience that IoT provides. Let's suppose that your friend sent you a message stating that the milk package had expired. You and your friend will purchase one milk package.
This complicates the entire process. Registering only one number on an IoT-enabled device would be a smart move.
Compatibility
The IoT ecosystem is home to millions of connected devices. Each device is manufactured by different companies, raising questions about compatibility with monitoring and tagging. There is no standard that all manufacturers can use. Bluetooth can be used for multiple devices, but compatibility issues exist with the best IoT application.
This compatibility issue could cause buyers or users to buy devices from one manufacturer, which could result in a monopoly of the market.
Privacy or Security
Privacy breaches can be caused by data transmitted using IoT devices. It is crucial to verify the encryption of data. The rapid growth of IoT has raised privacy and security concerns. Customers who have IoT devices connected to their desktops or laptop run the risk of losing their personal data as data is transmitted and collected by the IoT device.
Staff Who Are Less Skilled Or Menial
The IoT is expanding all around the globe, which could mean that monotonous and potentially dangerous jobs are being replaced by IoT-equipped workers and that unskilled workers are being fired. These factors can lead to unemployment.
IoT automates daily tasks. This means there will be fewer human resource requirements and less qualified staff. The ability to learn new ways of working can help increase or stabilize an individual's employment potential.
Technology Is Taking Control Of Your Life
The IoT has had an enormous impact on nearly everyone's lives in all possible ways. Everyone, regardless of age, has become dependent upon technology in their daily lives. The IoT will strengthen this dependency. Every application has its flaws. Relying on IoT smart devices to solve problems can lead to IoT infrastructure failures or crashes.
Conclusion
Although IoT Development services are a bit complicated, outsourcing non-core areas to an IoT platform can reduce risk, increase quality, lower cost and speed up your time in the market. You will not choose this IoT platform if you don't plan to. You will look at what your competition is doing well and come up with the best features. While IoT platforms can help you save time and money, the price of your product will determine how much it costs.
IoT platforms can wear many hats, depending on the context. When talking about the way it connects remote devices to user applications, this is mostly referred to as middleware.
