IoT devices have permeated our homes and offices, transforming the way we interact, manage and control our surroundings. Smart home devices such as thermostats, security cameras, voice assistants and connected appliances have become increasingly popular, offering convenience, energy efficiency and enhanced security.

As a result, the growth of IoT has been nothing short of astounding. In 2020, there were nearly 10 billion Internet of Things (IoT) devices globally, but that number is expected to triple to nearly 30 billion by 2030. This surge in IoT is driven by technological advances, falling hardware costs and the desire for more connectivity and automation across homes and businesses.

However, to fully capitalize on the potential of IoT, companies need a robust platform that can handle the complexities of developing and managing connected devices, data and applications. This is where IoT’s “secret weapon” comes into play.

Consumer IoT’s Innovation Engine: Platform-as-a-Service

What is a Platform-as-a-Service (PaaS)? A PaaS is a cloud computing model that provides businesses with a complete cloud platform for developing, running and managing applications without the cost and complexity that comes with building and maintaining similar systems on their own.

For IoT applications, a PaaS offers a comprehensive framework for managing the entire lifecycle of IoT applications and devices, from data ingestion to analysis and visualization. PaaS takes care of the underlying infrastructure and application so the business is free to focus on service innovation, competitive differentiation and customer experience.

PaaS is also different than the more familiar Software-as-a-Service (SaaS) approach that most people already know and use every day. Adobe, HubSpot, DocuSign, LastPass and Slack are all examples of SaaS applications that people use at home or at work that are essentially complete, packaged software products based in the cloud that they access over the Internet.

In contrast, a PaaS allows companies to develop more customized applications and services with differentiated features and capabilities, hosted on a cloud-based platform and tailored to a specific market or business requirement – a critical need in the IoT market. This ensures the ability to deliver new features much faster combined with enhanced reliability and security.

Why PaaS Technology is Critical for Speed to Market

When it comes to consumer IoT, first movers have a significant advantage. Once a consumer is using a specific IoT device or service in their home or business, they are less likely to replace it given the time and money they’ve already invested in that decision.

In fact, once a specific IoT brand is in the home, users are typically more likely to purchase additional products or services from that company versus a competitor. As an example, if a customer goes to Walmart and buys a Merkury smart camera, they are more likely to return and also purchase smart light bulbs, smart light switches or other IoT devices from the same brand. This is largely a factor of the user already being familiar with that brand’s IoT app and customer experience.

For insurance companies, device manufacturers, service providers and others in the consumer IoT space, that means time to market is critical. The challenge with that is if you’ve got a great idea for an innovative IoT device or service, being able to translate that vision into a compelling product or service takes significant resources and investment if you are building it on your own – from an engineering team and UX designers to the cloud infrastructure and more.

How To Evaluate if You Need a PaaS IoT Solution

This means that as companies evaluate how to capitalize on the IoT opportunity in their specific market, they are faced with a familiar technology decision: build or partner? As noted above, one option is to build everything from the ground up internally – often at a considerable cost and amount of time given the technology resources and engineering expertise required. The other option is to partner with an IoT PaaS provider like Pepper to develop, manage and monetize new connected solutions.

When evaluating options, here are some key business advantages of an IoT PaaS, like Pepper:

1.     Rapid time-to-market – PaaS accelerates the development and deployment of IoT applications, reducing time to market and enabling companies to capitalize on emerging market opportunities quickly.

2.     Focus on innovation – with PaaS handling the underlying infrastructure and operations, companies can focus on innovation and creating value-added IoT services to differentiate from competitors.

3.     Cost efficiency – by eliminating the need to invest in and manage larger IoT engineering teams and complex infrastructure and services, PaaS significantly reduces upfront costs.

4.     Scalability and flexibility – a PaaS solution enables companies to scale their IoT deployments securely and seamlessly as the number of connected devices and data volume grows letting them adapt to changing demands.

As always, given the customer data involved, it’s key to understand the data security and infrastructure location of any IoT PaaS provider to ensure compliance with various data privacy regulations across different regions, countries or even states. As an example, Pepper is a U.S.-based company that adheres to all U.S. federal and state data privacy laws.

Whether it’s an insurance company looking to incorporate smart home technology to help homeowners monitor for risks or a brand looking to provide video streaming as part of their IoT solution, leveraging a PaaS can help propel your company’s IoT strategy with rapid innovation and development.

Looking to accelerate your IoT strategy and better monetize new connected consumer solutions? Learn how Pepper’s PaaS is helping businesses deliver a best-in-class experience to their customers.