Best Internet of Things Companies | 2024

What is the Internet of Things (IoT)? How does the IoT solution work?

Internet of Things (IoT) refers to the collective network of connected devices and the technology that enables communication between the devices and the cloud and amongst the devices themselves. It is the system of interrelated computing devices, mechanical and digital machines, objects, animals or people that have an UID (Unique Identifier) and have the ability to transfer data over a network with the intervention of human-to-human or human-to-machine interaction. So how exactly does the IoT ecosystem work?

An IoT ecosystem comprises of smart devices that use embedded systems such as processors, sensors and other communication hardware to collect and send data that they collect from the environment. The collected data is shared by the IoT device by connecting to a gateway or an edge device, and from there it is sent to the cloud to be analysed and acted upon. An IoT system which works on real-time collection and exchange of data comprises of six components,

• Sensing components
• Connectivity components
• IoT Cloud
• Analytics and data management component
• End user devices and user interface

An IoT device can range from a small cooking appliance to large scale sophisticated industrial machines and tools.

Why is IoT becoming so popular? Different examples of IoT devices

The usage of IoT ecosystems is becoming more and more commonplace and mainstream today and is a testament to its increasing popularity. With the discussion surrounding IoT changing from when to how, let's understand the reasons behind the popularity of IoT. IoT provides a platform for people to connect millions of devices such as sensors, actuators, automobiles, home appliances and control them with big data technology which enables an efficiency in performance, economic growth and benefits and most importantly reduces the need for human involvement. In a nutshell IoT helps people live and work smarter and have better control over their lives. Another key reason for the increase in popularity of the IoT technology is that it complements and extends other key technological trends that are playing a major role in the tech world today. Internet of Things has a complementary relationship with other key technology trends such as open source, big data, cyber security and software defined networking (SDN).

Examples of popular IoT devices are,

• Biometric security scanners
• Wireless inventory trackers
• Smart home security systems
• Wearable health monitors
• Autonomous farming equipment
• Connected home appliances
• Augmented Reality (AR) devices

How IoT solutions can benefit your business?

The implementation of IoT in industrial operations can bring in impressive benefits and returns. More and more businesses are adopting the use of Industrial Internet of Things (IIoT), the IIoT market is expected to reach $ 123.89 billion by 2022. The benefits that the implementation of IoT can bring to a business are,

• Increased productivity of staff
• Reduction in human labour due to an increase in automation
• Cost effective operations
• Increases security and work safety
• Helps turn data into insights and action with the help of AI and ML
• Better utilisation of assets and resources
• Real time analytics as well as historical analytics
• Improved customer experience and service

IoT truly has the ability to transform an industry or a business for the better as it enables them to adopt innovative strategies and new solutions. It allows humans to focus on complex tasks that add value and require a personal touch enabling companies to become more productive and transform customer experiences. From shipping to manufacturing to agriculture to healthcare IoT has reached every industry possible and will only continue to grow with time.

Advantages of hiring an IoT company

IoT is more than just a buzzword today. It is being implemented in almost every aspect of our lives enabling us to live and work smarter. At the same time business owners are also realising the potential of IoT and the benefits it can bring and are investing in it. However, the field of IoT is evolving at a rapid rate with newer innovations and trends every day. Due to the complex nature of the IoT devices and systems, business cannot afford to compromise on the IoT development experience, skill and knowledge. By hiring an expert IoT development company businesses get access to experienced development teams that bring with them expertise, quality solutions, problem solving ability and the latest trends and tools. The advantages that a business gets by hiring a top IoT company are,

• Cost effective: Experienced IoT developers have a streamlined and efficient development process that will save you both time and cost. They will also carry out end to end testing of the systems and devices, fix any errors or issues and provide a quality end product.
• Access to the latest trends and tools: Experienced IoT development teams stay on top of the latest and innovative trends and tools in the field and implement them into the solutions they create developing quality end products for their clients.
• Identification of the best use cases: Experienced IoT development teams will observe and understand your business and determine where IoT can be incorporated to maximise the benefits.   

Different Internet of Things services provided by professional IoT companies

The services offered by professional IoT companies comprise of,

• Business Analysis and Consulting: A development team will analyse your business and identify the use cases where the implementation of IoT will bring the maximum benefits to the business. They also give hardware and software recommendations, develop a strategy or a project roadmap and provide R&D and POC solutions.
• IoT Data Collection and Management: Development teams will develop systems that will enable the business to collect data from the connected devices and perform visualisation, analytics and information modelling.
• IoT Application Development: IoT developers will help develop IoT applications which will help simplify, improve, automate and control processes while providing real time data that enables better decision making.
• Back-end Infrastructure and Integration: Developers will develop the back end or server side of the IoT solution that is required to support the communications, analytics and processing needed to make the data valuable.
• Edge Computing: Development teams will execute edge computing in the IoT ecosystem instead of the traditionally preferred cloud computing in order to ensure lower latency rates and quicker data offloading time.

From where you can find the best IoT companies?

Choosing an IoT development company that is best suited for your business and is able to meet all your needs and requirements can be a challenge. The important factors to take into consideration while choosing an IoT development company are expertise in the domain in which your business operates, communication skills, client testimonials and reviews, design and development standards and tools and technologies used for development. Platforms where you can find the best IoT companies,

• Former Clients: One of the best ways of finding the IoT companies that suit your needs are via referrals. By communicating with their former clients, you can find out first-hand about the quality of service of the company as well as the style of work.
• LinkedIn: One of the biggest professional networking platforms in the world, LinkedIn Recruiter is a powerful tool that can be used to find, connect and hire professionals you want on your team.
• Freelance Websites: If you are looking to hire freelancers, websites such as Upwork, Thumbtack and Designhill can help you find an IoT development team that suits your needs.
• Web Directories: Web directories such as Selected Firms that provide a list of the top IoT Development Companies in the field can be a perfect place to search for a development team for your business.

What are the popular tools being used by IIoT developers?

IoT development tools that are used to create IoT applications refer to IoT hardware devices, IoT application development platforms, IoT operating systems and programming languages. IoT development is an intricate and complex process of combining hardware parts and software programs in such a way that the end product can collect and transfer data, analyse the data, monitor specific values and cause the physical objects to act accordingly. Using the appropriate tools and platforms for IoT development is key in ensuring a quality end product. The most popular tools and technologies used by IIoT developers currently are,

• Microsoft Azure IoT Kits
• Arduino IDE
• Raspberry Pi OS
• Blynk IoT Platform
• Device Hive
• ThingsBoard
• Node Red
• Particle

Choosing the most appropriate development platform and tools is key in ensuring a smooth and seamless development process as well as getting a quality end product.  

Average cost of developing IoT solutions

The average cost of developing IoT solutions can range anywhere from between $ 10,000 - $ 50,000 and is dependent on multiple factors. The main factor that determines the cost of developing an IoT solution is the domain for which it is being developed. Developing an IoT solution in the field of manufacturing or home automation may cost near the range of 50,000 whereas developing an IoT solution in the media domain may cost around $ 10,000. Other factors that will determine the cost of the development will be experience of the development team, location, complexity of the solution being developed, tools and technologies required for the development process amongst other things.