Did you know nearly 60% of IoT project costs are tied to software, encompassing the 548,000+ lines of code needed to build it? With such complexity, it’s no surprise that many managers are unaware of just how far behind their development teams might be. VDC Research’s global survey of over 775 IoT project members has uncovered some critical insights.
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Our comprehensive white paper explores:
- Cost Drivers and Differentiation: With average projects costing $556k, software is the major expense and key differentiator. Notably, projects utilizing remote device health and performance monitoring solutions were three times more likely to finish ahead of schedule.
- Impact of Bugs: Half of the organizations took over a week to identify issues, with over 40% requiring more than a week to resolve them. Bugs are inevitable due to the myriad of use cases, making it impossible to test software under every condition it might encounter in the market. Speeding up the fix process is crucial.
- Cost Savings: Projects that employed tools to monitor deployed services spent half as much time fixing defects and focused more on creating new features. Additionally, using third-party tools for device performance and health data collection led to a 57% reduction in overall project development costs compared to in-house solutions.
- Cybersecurity Disconnect: While 74% of managers believed their products were adequately tested for cybersecurity, only 65% of engineers agreed. This gap may be due to limited access to the right software tools or data.
Gain real insight into the state of IoT project development. Discover why product makers have a greater responsibility than ever before to test and maintain their devices and how third-party tools can significantly reduce costs.
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