The number of IoT devices globally is reportedly growing 16% this year. That would bring the total number of devices to just over 16 billion, or more than two IoT devices for every person across the world. Consumer devices like smart fridges, home monitoring solutions, connected speakers, and other everyday household items are driving the increase. As that demand continues to grow, more companies are looking to utilize the power of IoT for their business.
New devices continue to launch, meaning the need to speed up time to market is critical. Creating a great device is one thing – developing a seamless platform and app to power it is an entirely different challenge requiring a specific technical skillset and investment. That’s why working with a Platform as a Service (PaaS) can be a powerful, cost-effective solution to get to market quickly, and stay ahead of the competition.
Making smart investments
Every IoT project has to start somewhere, including a conversation around whether to build, buy, or partner. For many, the decision boils down to cost and available resources. Building from scratch or buying an already developed solution requires a large investment upfront, something that’s tough to accomplish, especially for a startup. And that’s a big investment for something that you’re not necessarily sure will work.
Partnering with a PaaS to support your needs on the other hand doesn’t require much upfront cost and can be scaled up or down as needed. You don’t have to commit as big of an investment as you won’t have to worry about purchasing hardware or building it yourself. A PaaS is essentially a pre-packaged solution with a cloud platform that simplifies the process of getting your IoT devices up and running and into consumer hands. You’re making a smart investment by saving money, and having a partner to help you through the process, someone who is an expert when it comes to developing, running, and managing consumer IoT applications.
Speeding up time to market
Whether you’re a large tech enterprise or smart home startup, the first to market usually has success in the long run. A trusted PaaS partner can help win the race. A study by McKinsey & Company found that a product that is six months late to market loses 33% of after-tax profit.
For consumer IoT, speed to market means faster sales, higher chance of retail placement, and an overall higher likelihood to win instead of playing catch-up. With a PaaS, you can tap into already proven resources from UX designers, to engineers, cloud infrastructure, value-add services and more from the get-go.
Calling on the experts
Technology is constantly evolving, and keeping up with current trends can be difficult. But working with a PaaS you don’t have to worry about that, as you’re working alongside industry experts that have a proven application for your IoT portfolio. That’s why having a team of professionals do the heavy lifting in this department can help your IoT solutions stay on top of consumer trends. They’ll know what the most engaging and easy-to-use interfaces and experiences are, because it’s their job to keep their finger on the pulse of what consumers desire. Plus, they’re invested in keeping current with the top security measures in the industry, as part of their job is keeping data safe for you and all of their customers.
Keeping data safe
A recent report by IBM estimated that the average total cost of a data breach is $4.45 million. That’s why device manufacturers need to make sure their data, and that of their customers, is secure at all times. Deciding how you are going to protect your data, and who you are going to trust handling it, can make a significant difference too. Just recently, The White House announced plans to create a new cybersecurity label for smart devices. The label would appear on the device’s box and indicate that a product meets certain criteria, helping consumers choose devices that are less vulnerable to cyberattacks.
These labels are a great step to continue promoting safe devices for consumers. For your business, a PaaS can help you continue carrying that level of trust into the app experience itself – beyond just the packaging. Working with a U.S.-based PaaS that already adheres to local and federal data privacy laws can go a long way towards gaining consumer trust. And the best part is, a PaaS already has data security measures in place, so you don’t have to start from scratch. While saving money in the process is helpful, knowing your information is safe is invaluable.
