How much does it cost to build an internet of things (iot) app for the finance sector?

Standard price for an internet of things (iot) app for the finance sector: $37,500

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What is an internet of things (iot) app for the finance sector?

Internet of things (IoT) apps for the finance sector are used to collect data from devices that are part of a company's IoT network. These applications may provide real-time analytics or aggregate data that can be accessed by other business apps or management teams. For example, an IoT app for the finance sector could monitor the amount of electricity being generated by each solar panel on a rooftop. It might also provide insights about how much money the company is saving because of this investment in energy efficiency.

Internet of things (IOT) apps for finance and enterprise settings often share many of the same functionalities as consumer and business apps like task and document management, meeting scheduling, project management, and expense reporting. Popular IOT finance applications include SAP Cloud Platform IoT Suite and Ariba IOTA.

Here are some recent internet of things (iot) app for the finance sector examples built with Crowdbotics:

  • An international, IoT asset management app that allows users to manage and maintain physical assets remotely.

What is the typical cost to build an internet of things (iot) app for the finance sector?

An internet of things (iot) app for the finance sector usually costs $37,500 to build. However, the total cost can be as low as $25,000 or as high as $50,000. An internet of things (iot) app for the finance sector with a low number of features (also known as a "minimum viable product", or MVP) will be more affordable than an app that includes all intended functionality.

For example, here are some recent price quotes for an internet of things (iot) app for the finance sector from Crowdbotics:

  • $25,000

How long does it take to build an internet of things (iot) app for the finance sector?

An internet of things (iot) app for the finance sector usually takes 333 hours to build. However, an internet of things (iot) app for the finance sector can be built in as few as 167 hours, or in as many as 500 hours. The exact timeline mostly depends on how complicated your app is. As a general rule, it will take longer if you require highly custom designs, niche features, or non-standard release platforms.

For example, Crowdbotics produced the following recent hourly estimates for an internet of things (iot) app for the finance sector:

  • 333

How to successfully grow your internet of things (iot) app for the finance sector

A company that sells internet of things (IoT) devices for the finance sector can achieve viral growth through a low barrier to entry and high value of engagement. This means that the app must be easy to use and provide an immediate benefit to its users. The more valuable it is, the more likely new users will want to join.

Risks and challenges of building an internet of things (iot) app for the finance sector

An internet of things (iot) app for the finance sector, such as a smart utility meter, faces regulatory risks associated with collecting and transferring customer data, privacy risk due to improper handling of sensitive information, and safety risks related to the IoT device itself. If your iot app is collecting data from customers, you must be sure to protect the privacy of that data and ensure that it is protected against unauthorized access. Because iot devices often have physical risk factors associated with them (e.g., a smart water meter could be stolen), you should consider adding features that increase device security.

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Some of the descriptions on this page were completed with AI assistance. Learn more here.