The global market for industrial Internet of Things (IoT) is experiencing significant growth and revolutionizing the way industries operate and increase productivity. According to a study by Statista, the number of industrial IoT connections is projected to continue rising until 2028. The combination of various key technologies presents countless application possibilities in both consumer and industrial sectors. However, despite Germany being rated above average in comparison to other European countries, only 36% of German companies currently utilize devices or systems that can be controlled via the internet. Austria leads with a usage rate of 51%.
Table of Contents: What awaits you in this article
The Challenges and Potential of IoT Project Development
The development of IoT projects presents significant potential and challenges. According to Juniper Research, the number of IoT sensors and devices worldwide is expected to exceed 50 billion by 2022, with a continuing upward trend. One challenge is the lack of market-available and universal standards for software and hardware solutions. Companies are faced with uncertainty about which solution is best suited for their specific use case. Additionally, the development of customized solution concepts requires substantial R&D efforts and costs.
Financial support for risky innovation projects in IoT development
The Research Allowance Act, implemented in 2020, aims to incentivize companies to engage in technologically risky innovation projects, including those related to IoT development. Starting from 2024, this funding opportunity offers financial support of up to 3 million euros per year for companies involved in in-house development and commissioned research.
The IoT Research Allowance can be claimed by any type of company, regardless of their focus area. It offers the opportunity for companies to receive financial support for their research and development projects in the field of IoT. Furthermore, the allowance can be applied for retroactively from 2020 to 2023, providing additional funding opportunities. Starting from 2024, companies can even secure up to 3 million euros in research allowance, with an additional 4 million euros available retroactively.
Busuttil & Company helps companies navigate the funding jungle for IoT projects
Busuttil & Company specializes in helping companies navigate the complex landscape of the Research Allowance Act, ensuring that they can identify and maximize their funding potential for a wide range of projects, from basic hardware development to complex cloud systems. Given the inherent technological risks associated with IoT projects, the chances of securing funding through the Research Allowance Act are particularly high. Additionally, Busuttil & Company understands the importance of data and cybersecurity in the IoT industry.
Busuttil & Company has a proven track record of assisting numerous companies, including Lemonbeat GmbH, a leading specialist in IoT development, in successfully applying for research grants for their IoT projects. Our expertise and experience in navigating the complex application process have enabled us to secure positive funding decisions for Lemonbeat GmbH’s IoT initiatives. Learn firsthand how we can help you achieve similar success with your own IoT projects.
Unlocking Potential: Funding Opportunities for IoT Development
The development of IoT projects presents significant opportunities for companies but also comes with challenges. Fortunately, the Research Allowance Act provides financial support to help companies advance their IoT/Industry 4.0 solutions. Busuttil & Company offers expertise and assistance in identifying eligible projects and successfully navigating the application process. By taking advantage of these funding opportunities, companies can secure their success in the IoT industry.
