The ROI of IoT Development Services – What You Should Know

Rebels' Desk 29-Apr-2024
The ROI of IoT Development Services – What You Should Know

The demand for IoT development services won’t slow down any time soon. According to the IDC Spending Guide, spending on the Internet of Things will surpass $1 trillion by 2026. And this is just one of many numbers and stats confirming the technology’s exponential growth.  

This may make you ask – Is investing in IoT development services worth it? 

Custom Software Development for IoT by the Numbers 

There’s a lot of research and stats related to the profitability of IoT development services, especially when producing custom solutions.   

  • A survey by Vodafone found that 58% of companies using IoT reported an increase in revenue. On average, the increase was 19%.  
  • According to McKinsey, businesses can leverage IoT to ensure 20% in cost savings. This is the result of improved operational efficiency and predictive maintenance.   
  • IBM reports that utilizing IoT software development services for predictive maintenance can reduce maintenance costs by up to 40%, and lower equipment downtime by 50%.  
  • The World Economic Forum reports that IoT technologies in the supply chain can lead to a 30% reduction in costs.  
  • According to a Statista report, IoT solutions for energy management can result in energy savings of 20-30% for commercial buildings.  

Benefits of IoT Development Services You Shouldn’t Miss 

Custom IoT development offers many benefits to your business. Case studies like Ignitec and the London Underground system further confirm this. So, based on these, IoT beckons you and your business to an era of unparalleled opportunities. 

To be more specific, below are your main benefits.  

Real-time Business Insights

Businesses can access real-time data on organizational or project processes through internet of things development services that enable proactive and holistic actions.

Monitoring critical assets allows for preventive maintenance, minimizing downtime, while sensors provide timely updates for informed decision-making. This fosters collaboration across teams and departments, facilitating evidence-based decisions.

Improved User Satisfaction

Custom IoT development enables remote identification, diagnosis, and resolution of issues, particularly crucial if you plan to increase user satisfaction. Real-time monitoring via IoT systems allows for predictive maintenance, averting risk timely.

Embracing a connected assets approach delivers proactive and predictive maintenance services, enhancing uptime, safety, and efficiency by reducing field visits and potential downtime

Long-term Planning and Strategy

Custom software development for IoT allows for regular data collection throughout a project’s lifespan. This helps generate extensive information about geographical areas or critical assets.

By using an IoT development company you can harness IoT data alongside other systems, letting you achieve unparalleled visibility and automation. This facilitates the creation of a precise, real-time operational model. Ultimately, this enhances business decision-making capabilities.

Your Journey with IoT: Partnering for Success 

Ready to take the leap and invest in your very own custom software development for IoT? DPL is here to help you get this right.  

We’re up to date with the trends forming the future of IoT and possess the skill and expertise to ensure high ROI. Simply contact us via the form below and let’s connect to discuss your next project.  

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