We are happy to release our 2nd annual report: The IoT Project Cost Estimator Insights Report, a year’s retrospective of what connected devices were being developed during a pivotal time of digital transformation.
Our IoT Project Cost Estimator Tool is a free resource for companies to gain accurate estimates on timeline and costs to develop their product within 3 engineering types:
- Mechanical Engineering
- Electrical Engineering
- Embedded Firmware Design
After companies answer a series of questions regarding the criteria of their device(s), they receive a baseline estimate and confidence to move forward with a guideline in development.
Within this report, you’ll find several key findings and more:
- In 2020, there were over 584 entities that requested an estimate
- The average cost in developing a production prototype was over $117K (USD)
- Smart Home, Industrial Automation and Smart Agriculture were the top 3 industries being developed-in
Learn more about how companies were approaching their IoT initiatives by downloading the report below.