The Internet of Things Product Development: Guidelines and Use Cases

The number of connected IoT devices has grown rapidly in recent years and there are almost as many IoT devices as the number of people worldwide as per the statistics of Finance Online. The Internet of Things (IoT) thus presents a huge opportunity as well as a massive challenge. However, IoT is not a “gold rush” and jumping into its development process without proper research and knowing the best practices can end up in “failed projects”. The bright side of the fact is that once you are educated on the guidelines and frameworks of internet of things product development, you are more likely to succeed.

Let us explore the guidelines to make your product vision a reality and learn about different use cases of IoT products within various industries.

How to Start the Internet of Things Product Development Process?

1. Define Functional Requirements 

Making a list of functional requirements that the IoT product needs is important. It defines how the device should operate, which other devices it should connect to and coordinate, how it will connect to a network, and more. This will help in product development cost estimation and time.

The product capabilities include connectivity with cross-domain technologies, adaptation to the external environment, security concerns, and power management systems.

2. Carry Out Market Research

Research and understand the current market trends depending on the business requirement of the product. Start searching for and studying similar products in the local and global markets. More information and in-depth acquaintance with the competitor products is needed to ensure your product’s competence in the market.

3. Develop a Proof of Concept

The proof of concept (PoC) stage mainly aims to develop a functional prototype cost-effectively. This is mainly for validating the technical solutions for the functionalities of the product and to identify any potential risks as early as possible. It also enables the developers to test sensor and actuator options to select the most appropriate. Also, this helps to gather data and feedback to improve the main concept of IoT devices.

4. Develop Hardware

IoT hardware development is a unique stage where it is divided into multiple phases managed by different hardware engineers. It involves selecting various components, making separate frames to test, electrical and plumbing, and more. Collecting essential materials like BOM files, schematic diagrams and Gerber files for mass production can also be done in this stage of development.

5. Develop Firmware

Once the microcontroller type and key elements are identified firmware development can begin. At this stage, security measures can be implemented, and over-the-air (OTA) firmware updates can be considered. Prevent IoT devices from unauthorized flashing and ensure the confidentiality of logs and sensitive information.

6. Launch an MVP

An MVP, or Minimum Viable Product enables you to witness the IoT product in action which in turn gathers the important feedback and identifies potential issues. Establish a user group for testing and feedback collection. Have the firmware and software ready and ideally maintain a backward compatibility.

7. Refine and Adjust

After launching the MVP, the feedback is collected refinement of the product can be done by going from the first stage to the sixth phase again. Ideally, this is the phase of making corrections, improvements, and additions based on the gathered insights. Having automated analytic tools enables one to track user behavior, success areas, and pain points for further improvements and adjustments.

8. Start Mass Production

Based on the region, cost and other criteria choose a manufacturer at this stage of the Internet of Things product development. All the necessary materials like hardware and firmware to obtain a production batch estimate should be provided to the manufacturer. Organizing quality control testing for both physical and software components is required at this stage.

9. Support

At this phase, support tools and procedures can be established. This includes OTA updates, factory settings reset, remote control, device identification through stickers and firmware, and installation support. Return processes, configuration, and ongoing support also must be considered.

IoT Product Development– Top 3 Use Cases

IoT in Healthcare

The delivery of patient care has improved a lot with the introduction of IoT in health care. Remote patient monitoring is made possible through IoT devices that can gather and transfer the patient’s data efficiently. Wearable sensors are used to collect patient vital signs and other related health metrics. 

• Medical asset management can be improved through IoT technology. IoT-powered sensors and beacons can successfully track and manage different medical equipment required within various healthcare facilities. 

IoT in Agriculture

For sustainable growth in the agricultural industry, IoT devices can be successfully adopted. 

• • Livestock monitoring includes tracking animal behavior, health, and other factors. IoT devices and sensors can do this process efficiently and optimize operations.

• IoT technology can be utilized to get real-time crop growth data and other environmental factors for better crop management strategies. 

IoT in Transportation and Logistics

The transportation and logistics industry also leverages the potential of IoT product development for growth and innovation.

• Real-time inventory, goods, and equipment tracking within the warehouse can be done precisely to optimize operations.
• Businesses gained extraordinary levels of visibility through the fleet management system powered by IoT. It can help you to keep track of fuel consumption, and engine quality along with driver behavior, vehicle location, and speed.

In Summary

No matter which industry your business belongs to, IoT has become increasingly important to improve growth and development. Statista estimates the current IoT market is worth approximately $1.4 billion, and it is expected to grow to $ 2.23 trillion by 2028. It holds an enormous promise to companies that are willing to take risks, but it is crucial to select the right partner to turn your vision into reality.

By making use of the tech talent and expertise of Travancore Analytics you can develop the most efficient and optimized IoT development solutions for your business.

Request a consultation from TA today and find out how you can launch your project right away!