21st century is appreciative that it brought the Internet of Things (IOT) to a new level. Automation is adored and enjoyed by people. Therefore, by 2026, the global Internet of Things (IoT) market is expected to be valued at approximately USD 650.5 billion. Not every company is aware of current IOT trends and how important it is to implement IoT application development services. Thus, you’ve come to the ideal spot if you’re new to the world of IoT mobile app development and want to create excellent IoT apps.

In this article, we are covering everything you need to know about IoT app development in 2024. The guide includes all the industry basics such what is IOT mobile app development, IOT market stats, how does it work, how to monetize the app, and the steps to build an IOT app. It also includes the process to choose IoT app development companies for your project and the cost to build an IOT app.

What is IoT Application Development?

The creation of software applications that use Internet of Things (IoT) technologies to improve the functionality and user experience of IoT devices is known as IoT application development. These applications can provide functions like remote monitoring, battery status updates, and even predictive maintenance warnings by establishing connections with devices via sensors and internet access. We can increase the sustainability, ease, and efficiency of gadget usage by creating IoT apps, which will ultimately help both consumers and manufacturers.

IoT Industry – Market Size & Stats

• According to a report, the global IOT market size valuation currently stands at $662 billion approximately
• The industry is anticipated to grow to about $3.3 trillion by 2030 at a CAGR of 26.1% YoY
• By 2030, there will be around 25+ billion IoT devices globally
• According to Forbes, over 80% companies have integrated Internet of Things (IoT) in some way to improve their operations
• By 2025, companies are expected to invest up to $15 trillion in the IoT technology

How Does IOT Apps Work?

IoT apps work using four unique components that are integrated into a complete Internet of things system: connectivity, sensors/devices, data processing, and a user interface. Below is a quick explanation of how IOT works –

1) Equipment or Gadget

Sensors and other equipments first gather data for the IOT app. This may be as basic as a temperature reading or as intricate as an entire video stream. For instance, your phone contains a camera, accelerometer, GPS, and other sensors. It collects data in different forms to send it to the IOT app.

2) Interconnectivity

Once the data is collected, it is sent to the cloud. There are several ways to link the sensors/devices to the cloud: cellular, satellite, WiFi, Bluetooth, low-power wide-area networks (LPWAN), or ethernet connection straight to the internet.

There are trade-offs between bandwidth, range, and battery consumption with each choice. The optimal connectivity method depends on the particular IoT application, but they all achieve the same goal of sending data to the cloud.

3) Data Processing

After the data reaches the cloud, software processes it in some way. Checking that the temperature reading is within an acceptable range is one really basic way to do this. Further, it could be as complicated as identifying objects on video with computer vision (like burglars in your home).

4) The User Interface

The information is then rendered in some way helpful to the final user. The user may be notified of this through an email, text, notification, etc. For instance, the company’s cold storage might send out a text alarm when the temperature gets too high.

Furthermore, a user may be able to proactively check in on the system through an interface. For instance, a user may wish to utilize a web browser or a phone app to check the video feeds in their home.

How to Monetize an IoT App? – Popular IOT Monetization Strategies

Perpetual Model

The plan calls for selling a product in the conventional sense, receiving payment once, and not utilizing any other sources of income. If there is constant demand and no competition for the product, the simplest approach to create consistent money is through an IoT monetization plan that lasts forever. Since the prices are fixed, it is simple to determine future earnings using this approach. Businesses that sell hardware, gateways, and IoT software—such as linked exercise equipment or smart home appliances—are better suited for the perpetual model.

There’s a catch, though. Unless you have a steady stream of new clients to offset the rising cost of infrastructure, cloud computing services will eventually take up the majority of your revenue if your devices are always online.

Subscription Model

Offering a paid subscription to your good or service guarantees a steady stream of income and improves customer retention because you establish and maintain a relationship with your customers for the duration of the subscription. Notably, beyond the subscription fees, you can include advanced features like device/software upgrades or a premium account model, which opens up other avenues for IoT monetization. Platforms for predictive maintenance or monitoring systems are only two examples of the IoT goods and services that will profit from the paradigm, which also benefits hardware.

Outcome-Based Models

An outcome-based monetization strategy enables you to charge clients according to the value they receive from using your product or service, which is ideal if you want to monetize Internet of Things items that offer quantifiable value to the user. By creating fewer items, this strategy lowers manufacturing costs while generating ongoing income from its profitable operation. In addition, because the cost structure is based on the quantity of work completed for the benefit of the client, it guarantees transparent cost formulation. Although many consumers cannot afford the pricey equipment, this IoT monetization method is ideal for it because customers are willing to pay for its services. This group includes heavy-duty, expensive industrial equipment such as cement mixers and smart water pumps.

Razor-Blade Models

The approach is predicated on the added value that the IoT solution adds to the primary product by determining when a client needs to replace its disposable parts, rather than the IoT solution itself. IoT is the “handle” in this system that doesn’t change, while the “razor” is the component that makes money. Due to the fact that consumable parts are not allowed to be left unutilized, this technique reduces customer turnover. Additionally, because your solution is more sophisticated and practical, it encourages consumers to choose it. Any physical item with regularly changing components, such as ink for networked printers or cartridges for Internet of Things-enabled dishwashers, is compatible with this model.

Pay-per-Usage Model

The concept lets clients pay for the time or quantity of usage rather than the product itself, much like the outcome-based method. Based on information obtained from Internet of Things sensors, the model provides adaptable choices for pricing goods and services. A flexible offer will appeal to a larger range of customers than one that is inflexible. It can be used for pricey goods and services that allow you to figure out how often and how long you use them, like vehicle or scooter sharing.

Essential Service Model

Through the integration of this revenue model, you may leverage IoT to encourage customers to purchase your service. To use your offering, prospective consumers can access the data you gather and provide. Any organization that concentrates on providing services will benefit from the strategy, which also enables it to obtain additional value from further data licensing and sales. Any kind of service, including predictive maintenance for cars, factories, and smart homes, would work well with this approach.

Hybrid Monetization Model

Selecting a single model and following it through to the finish is not the only way to choose an IoT monetization approach. Because technology is so agile, choices about revenue sources must be made using the same methodology. Therefore, if your product can profit from two or three strategies at once, don’t limit yourself to just one. To maximize the value to your business, combine them, pay attention to what your customers require, evaluate data, and modify your monetization alternatives.

If your Internet of Things firm, for example, produces smart air conditioners, you may mix and match models by offering the equipment, replacing its parts as needed, and doing routine upkeep. Such an approach would yield enough revenue to pay for years to come for infrastructure and IOT app development costs.

How to build an IoT Application? – Step by Step Guide

Step 1 – Define Your Objective

You must first define your purpose as simply as possible, stating the problem your app will attempt to tackle. Next, a feasibility study should be conducted to compare your proposed solution to currently available items in the market. At this point, it’s also important to prioritize meeting legal, regulatory and security criteria in order to develop a thorough project specification.

Step 2 – Hardware & Software Selection

The hardware type is determined by the specifications of your project. A variety of devices, including sensors, GPS tags, active and passive RFID tags, RFID readers, and more, may be used. After making your decision, you must thoroughly examine the entire hardware architecture to determine whether data processing requires microprocessors or microcontrollers.

Your firmware’s technology stack differs depending on the hardware platform. Your mobile app development company must first ascertain the architecture and structure of the firmware and gather requirements.

Step 3 – UI/UX Development

Just like any other software, an IoT app needs to have a design that is both visually appealing and easy to use in order to stand out in the larger IoT market. Product designers with experience can guarantee proper setup of the user interface.

You should be aware of the significance of a strong UI/UX design before beginning the IoT mobile app development, since this is what sets successful apps apart from those that are swiftly eliminated. For instance, dissatisfied users may post negative reviews on Google Play or the App Store, which may negatively impact the quantity of downloads.

Verify that the user flow of any internet-of-things program is logical and free of mistakes, such as buttons that lead nowhere.

Step 4: App Development

User experience is greatly impacted by design, and a poorly thought out or underdeveloped design can spell disaster for your application. As a result, be sure to participate fully in this stage and pay close attention. Your IoT application development team will map out the user’s journey, define the flow, and generate multiple interface design possibilities at this stage. Designers will create a UI kit including UI elements, fonts, colors, and styles for the platform after you select the screens that you want.

Step 5: Create an MVP

The minimal viable product, or MVP, assists entrepreneurs in testing their ideas with actual clients. MVP stands for maximum value prototype, not mock-up. It is a finished, functional solution. In essence, it’s your initial mobile application, stripped down all but the essential elements required for the platform to function as intended.

Step 6: Evaluate performance and security

A variety of tests are included in IOT app development services to verify how well an IoT system manages varying loads and data volumes. We want to ensure that you introduce a seamless, ready-to-use product to the market at this point.

Step 7: Testing & Updates

Once your MVP is out there, you’ll need to get feedback from users to refine or change the solution. The most common method for completing this stage is an in-app survey, which makes sense since asking questions is the easiest way to find the answers.

Step 8: Maintenance & Support

It’s time for the big reveal of the IoT product after you gather user input, examine the data, and refine it. However, the mobile app development company’s job isn’t done yet. They support app updates, post-release assistance, and scaling up.

How Much Does It Cost to Build an IoT App?

The cost of developing an Internet of Things application will vary depending on its complexity, which is determined by how many features are incorporated to the IoT app solutions. On average, IOT application development costs between $30,000 and $40,000.

However, a complex app will have additional features that IoT app development company will add, such as geolocation, payments, device synchronization, data encryption, third-party API integration, new technologies auto-learning feed, content management system, data ingestion sources, reporting granularity requirements, and reinforced security standards. These features, in addition to a few other high-end ones, will cost between $50,000 and $80,000+.

How to Choose an IOT Application Development Company?

You need to consider several factors before selecting an IOT application development company, which includes –

IoT Expertise:

Pick a business with a great background in developing software for the Internet of Things. Seek out businesses that have a track record of creating effective Internet of Things apps and solutions. Check out the case studies and blog posts of the companies you are researching. These records can give a good picture of the company’s areas of specialization.

Business Experience:

Take into account the company’s prior experience in the business. A business with experience in your particular sector will be better able to comprehend your particular needs and problems, which will result in more useful solutions. For instance, check for businesses that have case studies for comparable products if you need an app for your health and fitness equipment.

Technological Proficiency:

Assess the company’s technological proficiency. Seek out businesses that employ a talented group of developers with knowledge of pertinent platforms, technologies, and programming languages.

Past Portfolio:

Examine the company’s prior accomplishments and customer endorsements. This can help you gauge the company’s potential, output standards, and level of client contentment. Speak with a company’s former customers to find out more about its operations. Find information about their past experiences.

Pricing Structures and Support Services:

Evaluate the degree of support each company offers and contrast the pricing structures that they provide. Take into account elements like affordability, adaptability, and the accessibility of post-development assistance. When contemplating offshore mobile app development companies, make cautious to weigh the benefits and drawbacks of partnering with these “affordable” organizations. As with any service, the cheapest is not always the best.

Communication:

For your project to be successful, you must ensure that the firm and you work together effectively. Seek out businesses that value regular, transparent communication and have set up procedures for receiving feedback. It has been observed that the development teams and clients engage in frequent communication to produce the majority of successful software solutions.

Last Thought

So, this was all about IoT application development industry happening in 2024. We have covered the basics such as what is IoT application development, how does it work, examples of IOT apps, and market stats. Further, we have also covered a step by step guide to develop an IOT app, how to monetize it, cost to build an IOT app, and the step to choose top mobile app development company for your IoT project. Just to help you, here is a well researched list of top IoT app development companies globally. The list is prepared after thorough consideration and thus, lists the best in the industry.

Top FAQs

How do IoT applications work?

IoT apps allow smooth communication across different devices by leveraging internet. The apps uses cloud based servers and allows the devices to connect with each other and share data. It builds a network of interconnected devices and enables data monitoring, collection, and control of several sensors & devices.

What programming languages are used to develop IoT apps?

Several languages & frameworks are used to develop an IoT app but the most common ones are Python, JavaScript, C, C++, and Java.

How long does it take to develop an iot app?

The time required for IoT application development varies and can range from several weeks to several months. The app development time depends highly on the complexity, hardware requirements, team composition, design, the app development company hired, and many more.

How much does it cost to develop an IoT application?

The app development cost for most IoT applications range between $15,000 and $30,000, depending on the complexity, functionality, and more. However, the exact price can vary and will depend upon the project requirements, mobile app Development Company, and many other factors.

What are the top examples of IoT applications?

Some of the top examples of IoT apps in the market are –

• Smart Watches Apps
• DoorBell Camera Apps
• Amazon Echo Apps
• Fitness Bands Apps
• Self Driving Cars Apps
• Tracking Apps

The post IoT Application Development in 2024: A Detailed Guide appeared first on Top ITFirms - Result of In-depth Research & Analysis.

“I believe AI is going to change the world more than anything in the history of humanity. More than electricity” – Kai-Fu Lee, AI Expert!

AI/ML has changed the world around us and the way we react to the environment. From virtual assistants to face recognizers, AI & ML has an influence on almost everything around us. AI voice generators and best text to speech apps like speechify are such important technical innovations. People are browsing through various ML app ideas to build something useful & get the best out this tech. The technology is helping people with hearing, reading, and vision disability do things better. For instance, speechify is empowering people with dyslexia read textual documents by listening to the text.

The app has over 20 million active users who listen to astounding 6.5 billion words per month. The text to speech industry is also expected to grow to $17 billion by 2029. If you are also thinking of getting into the industry and building a similar app like Speechify, then the post is at your help.

The article explains how to build an AI voice generator and best text to speech app like Speechify along with other significant topics. Let us start with some basic numbers about the industry first.

AI Voice Generation & Text to Speech Market Analysis

“According to data bridge market report, the text to speech market valuation is expected to reach whopping $17 billion by 2029”

Text to speech and AI voice generation are not a new concept in the market but the recent developments in the AI/ML have taken the industry to new heights. For instance, a text to speech app like Speechify, that simply translates text into audio, clocked annual revenue of $14.5 million.

Further, major target audience includes people with reading/learning disability and the people over the age of 60 that have vision issues. Apart from this, AI voice generation technology is also being used heavily in smart home market, voice assistants and use of virtual assistants in different sectors.

Market Key Players

Concept Map/Network Maps connects multiple ideas and concepts/nodes. This is called a tree structure. Mind Map comes with a radial structure instead. Mind maps focus on a single problem/ one concept while concept map connects multiple concepts or ideas.

• Amazon Web Services, Inc.
• Baidu, Inc.
• Attainment Company, Inc.
• Oracle
• Google LLC
• Tobii AB
• Lingraphica
• PRC Saltillo
• Zygo
• TOBY CHURCHILL Ltd.
• Jabbla

Numbers & Stats – AI Voice Generator & Text to Speech Market

• AI generator market is anticipated to grow @15.40% from 2022 to 2032
• As of 2023, the AI voice generator market revenue is $1396 million and is expected to touch $4889 million by 2032
• Key players in the AI voice generator market today include Google LLC, Baidu Inc., Oracle, AWS, and Lingraphica.
• Two most significant obstacles in the AI voice generation market are funding and lack of skilled people
• TTS (text to speech) market valuation is anticipated to grow at 16.3% CAGR from $2.8 billion in 2021 to $12.5 billion in 2031, approximately

What is an AI Voice Generator App like Speechify?

An AI voice generator app like Speechify allows users to paste & convert text into audio voice accurately. The software is designed to help people read faster in less time. The application uses optimal character recognition technology to turn text into audios. The app allows users to translate papers, PDFs, emails, articles, online pages, and any other text into natural sounding audio.
Such AI voice generator apps are really popular among writing, editing professionals, and people with reading issues, such as dyslexia & ADHD. Speechify is also popular for its robust customization options. For instance, users can change the audio’s language, reading speed, accent, etc according to their needs & requirements.

Why AI Voice Generator Apps like Speechify are Successful? – Top Reasons

AI voice generator and best text to speech apps like Speechify have gained significant success in the market. The apps offer top notch customization and functionalities to the users. However, there are several other reasons behind the success of such apps, which are as follows –

1. Empowering Disabled People

Cliff Weitzman, the founder of Speechify, is a dyslexic kid who developed the app to help people with the same disability. Speechify’s fundamental function is to convert textual data into audio voices with different customizations and help people read lengthy documents easily.

2. Improves Writer Productivity

Apps like Speechify have gained success among writers, proofreaders, editors, and content creators. Editors & writers often skip mistakes in the write ups and hearing the text again in another voice can help in review process. The process increases the productivity and work quality by helping writers identify mistakes.

3. Lower Pricing Plans

Most AI voice generation apps like Speechify work on freemium model and offer a basic plan at no cost to users. This has made easier for people to try & adapt to the technology. Free plan offers the basic text to speech features while the premium plans offers additional functionalities. It includes customization in accent, reading pace, multiple language support, and many more.

Speechify’s plan starts from $11.58 per month per user.

Must-have Features For an App like Speechify

1. Multi Language Support

A text to speech that has multiple language support can help users transcend countries & culture without any issue. For instance, a text in Spanish converted into an English language audio can help reach text to more locations & people, thus, lifting the language barrier. Apps like Speechify offer text to sound feature for over 30 languages.

2. Voice Diversification

The problem with most text to speech apps in the market currently is that most of them have a robotic, linear voice that doesn’t have any human touch. Further, every text has a tone of its own and should be conveyed in the same manner for effective communication. Thus, a text to speech app must have the voice diversification feature that reads the text in the required tone. For instance, you need different voices when reading a novel and another when reading a tutorial.

3. Robust UI/UX

Nobody wants to install a text to speech app with confusing interface and complexity. An ideal AI voice generator app has an easy to understand navigation and delivers maximum results in minimum steps. For example, apps like Speechify make sure that the registration & profile creation process is done in less than 5 steps. A complex UI eats a lot of user energy & attention, resulting in app removal.

4. Improve Speech Quality

It is time-consuming and costly to produce multiple audio versions of your content using standard methods. Rehiring voice actors, renting a studio, and hiring audio experts will be necessary each time you need to update material. All of that is altered when your TTS has a voice changer feature.

Using TTS with a voice changer allows you to alter your voiceover’s gender, language, accent, and other characteristics in addition to enhancing the voice quality of your amateur recordings to that of professional voiceovers.

5. Customization Feature

Advanced text to speech technology can be used to create AI voices that have better intonation, naturalness, comprehensibility, and intelligibility than human voices. A voice that isn’t personalised is just another voice. Because of this, excellent text-to-speech software should allow users to customize the project’s voiceover according to certain use cases. Apps like Speechify allow top notch customization and better options to users, and that’s why, are a hit in the market.

Some people might need a loud and lively voice, while others would need a low-pitched voice that conveys the ideal mix of authority, intelligence, and clarity.

6. Files Import/Export

The capacity to import and export files in numerous formats with ease is another crucial element of any user-friendly AI voice generator app like Speechify. Working with digital information requires importing and exporting files on a regular basis. Either text can be copied and pasted into an editor or text files in various formats can be imported into the TTS programme. The finished audio file should be able to be exported in a number of different formats at the same time.

Allowing users to sync and incorporate media files, like presentations, movies, and photos, into the finished voiceover would be an additional benefit. This would enable users to create the ideal voiceover content.

7. Collaboration

Team collaboration is a noteworthy functionality that every text-to-speech program should have. Different people must be able to access and edit audio & video files, work on the same piece of material at the same time, and share inputs.

Working together in real-time not only allows users to avoid wasting several hours, but it also expedites projects and gets us over difficult obstacles more rapidly.

8. Natural Sounding Voice

Human-parity voices are the main feature that sets apart any text-to-speech software. The expressiveness, irregularity, and capacity to deliver the same sentences in radically various ways depending on the situation are what define human voices.

High-quality AI voices that can mimic the likeness, style, organic prosody, and individuality of human speech should be provided by text-to-speech software. The AI voice should be able to adjust its tone and emotion, as well as pause and breathe when necessary, thanks to contextual awareness. It should be simple for users to personalize their voiceover experience with a wide variety of options available for both male and female voices.

How to Make an App Like Speechify? – Development Process

Discovery Phase – Discovery phase is essential to understand the client requirements, the issue it solves, and then validate it. For instance, Speechify was developed to resolve the reading problems of dyslexic people. Any top iPhone app development company will have this pre-stage for their clients to understand the market and target audience.

Planning & Research – The phase works on the ground level of the app development process and helps the team to understand potential challenges and end-user requirements. It includes competitors’ analysis, SWOT analysis, understanding legal compliances, and set the product USP.

This phase also includes a pre-planning of the app design, features, and functionality that will be included in the platform. The team goes through the top mobile app development trends in the industry to get the best out of the market.

App Designing –The ideas & research done in the previous phase are then converted into a prototype and then into an intuitive app design. The stage includes creating a basic layout of the platform, filling the visual components in it, building the UI, and then organizing the required content in the design. A good app design is easy to use, navigate and appealing to users.

App Development – Development is the perhaps the most crucial, time taking, and costly stage in the whole process. It includes building the backend & frontend of the app along with the functionalities required. A whole team of developers is deployed in the stage simultaneously to work on your project and then deliver a top notch result. The time & cost depends upon several factors, including the tech stack required, platform chosen, APIs required, and many more.

A trusted iPhone app development company is transparent about the whole process and presents a detailed description of each individual’s working to the clients. Thus, it is essential to hire Indian app developers with trustworthy & reliable profiles. Here is a detailed list of top mobile app development companies in India.

App Testing – Testing of the platform is done systematically at several levels and facilitate identify bugs, issues, & errors in the app. The apps are passed to the team and then rectified before launching it to the public. There are several types of app testing, including unit testing, functionality testing, performance testing, security testing, and platform testing.

App Deployment – Deployment is the process of listing the app on different storefront marketplaces, such as App Store & Play Store, to make it accessible to the users. Users can only download & install the platform once it is deployed on the storefront. It is considered to hire Indian app developers because of the affordable cost & top notch app deployment work they offer.

Tech Stack to Consider to Make an App Like Speechify

Backend Development

• Python, JavaScript, or Java
• Mobile App Development Frameworks – Node.js, Django, or Ruby on Rails
• API integration – RESTful or GraphQL

Data Storage

• Databases – PostgreSQL, MongoDB, or MySQL
• Data processing – Apache Spark & Apache Kafka

Frontend Development

• Web Content – HTML5, CSS, JavaScript
• UI frameworks –Angular, React, or Vue.js
• Design tools – Adobe XD, Figma, and Sketch

Voice Generation

• Engines – Amazon Polly & Google Text-to-Speech
• Custom AI models for voice cloning

Server Infrastructure

• Hosting and deployment – AWS, Azure, Google Cloud, or Heroku

Additional Tools

• Version control using Git and platforms like GitHub or Bitbucket
• Collaboration tools – Slack, Jira, and Trello

Quality Assurance

• Testing & QA frameworks – JUnit, Appium, & Selenium

Analytics

• User analytics – Google Analytics & Mixpanel

User Authentication

• Authentication services – Firebase Auth & OAuth

Content Storage

• Cloud storage solutions – Google Cloud Storage & Amazon S3

Cost to Develop AI Voice Generator & Text-to-Speech App like Speechify

AI voice generator app development is a complex task and requires significant expertise. Thus, hiring a top iPhone app development company is essential to obtain expected results. The cost to develop a text to speech and AI voice generator app like Speechify cannot be determined before understanding the exact project needs and multiple other factors. Some of the top factors that influence the text to speech app development cost are –

Key Factors That Affect the Cost of Developing an App Like Speechify

• Developer’s Location
• Algorithm Complexity
• Natural Language Processing Requirement
• Machine Learning Requirement
• Third Party APIs Required
• Tech Stack Chosen
• App UI/UX
• Testing & QA

So, these were the top factors that influence the overall cost of text to speech & AI voice generator app development. It is essential to hire Indian app developers that have the required past experience in the same industry, or developing a similar platform. Further, to give a rough estimate cost, here is a phase-by-phase breakdown –

So this was the phase wise breakdown of the overall app development cost of AI voice generator apps like Speechify. The average cost for apps like Speechify ranges anywhere between $20,000 and $60,000. Further, it will take about 6 to 12 months to develop a similar app like Speechify.

The Final Thought – AI Voice Generator

So, this was everything related to how to build an app like speechify! We have tried to cover all the significant topics such as what does speechify do, must have features, why apps like speechify are successful in the market, and the cost to build text to speech app like speechify, along with the app development process. Moreover, we have also presented a deep market analysis of the text to speech and AI voice generator sector.

Notably, AI based apps are complex to build and thus it is essential to consider some top mobile app development companies.

Top FAQs – AI Voice Generator App like Speechify

How much does an app like Speechify cost?

The average cost to build AI voice generator app like Speechify ranges between $20,000 and $60,000, depending upon complexity & several other factors. However, the exact cost can only be determined after understanding the client requirements.

What is the time to develop text to speech app like Speechify?

The time to develop an AI voice generator app like Speechify varies and ranges between 6 to 12 months. The exact timeline can be decided after an initial discussion and by understanding your project needs.

What the top Apps Like Speechify?

Some of the best text to speech apps like speechify are Natural Reader, Murf, Voice Dream Reader, and LOVO.

What is a text-to-speech app like Speechify?

A text to speech app like Speechify allows users to convert textual data into audio voices. You can convert PDFs, papers, articles, emails, ebooks, and more into natural sounding audio voices.

What are some must have features in AI voice generator app like Speechify?

Some of the key features of text-to-speech apps like Speechify are reading pace control, offline listening, easy document conversion, multi-language support, and HD voice generation.

What is the tech stack required to build text-to-speech apps like Speechify?

Text to speech app like Speechify development requires several tools & technology stack. It includes Django, Node.js, HTML5, jQuery, Java, Python, and Javascript.

The post How to Build an AI Voice Generator App Like Speechify? appeared first on Top ITFirms - Result of In-depth Research & Analysis.

“Solopreneurs will rise because freelancers will become commodities to utilize.” ― Richie Norton

The quote by bestselling author and serial entrepreneur, Richie Norton, perfectly describes the reason for massive popularity of freelancing marketplaces nowadays.

People prefer to choose to freelance over conventional working models due to the flexibility and work-life balance it offers.

Notably, employers are also leveraging the model and hiring freelancers when required to get the work done. For reference, one of the tech giants, Google’s, workforce constitutes 54% freelancers over only 46% full-time employees.

Therefore, developing a similar marketplace can be a profitable solution to match the existing demand. Now the next question…! How to build a freelancer marketplace? Read the complete article thoroughly to know.

What is a Freelancing Marketplace?

A freelancing marketplace is a platform to connect employers and individual specialists for long-term & short-term projects without any commitment to employment. The platform acts as an intermediary between the parties and ensures work quality, payment, and convenience for the tasks assigned. Some popular freelancing sites are Upwork, Fiverr, Toptal, Freelancer.com, and 99designs.com.

Freelancer Marketplace Stats – Important Numbers

• More than 1.57 billion people out of the global workforce do freelancing
• Approximately 70% of freelancers are less than 35 years old.
• The average freelancer earns $21/hour
• The freelancing market is valued at more than $3.39 billion now.
• Upwork’s revenue has also increased by 4 times from 2016 to 2022, crossing the $600M per annum mark.
• Google has more freelancers hired than full-time employees.

Image Source: explodingtopics.com

How do Freelancer Marketplaces like Upwork Work?

Freelancing marketplaces are intermediaries between a client and an individual looking for work. Generally, it starts with a client posting a requirement or a project to be done with the required details and waits for the candidates to apply. Once posted, candidates apply for the job, with a quote and the time required for getting the project done, along with his/her profile.

For freelancers, their task is to find relevant jobs, apply to them, and, once assigned, complete them within the set time. To grow or rank higher in the marketplace, freelancers need to get good reviews, improve their skills, experience, and do well on projects.

Revenue of Freelancer Marketplace Upwork – Year-by-Year

Top 5 Features of a Freelancer Marketplace

1. Registration: A freelancing platform must have a user-friendly profile creation or registration button for all the parties involved, i.e., freelancers, clients, and agencies. A good option is to give social media log-in button for fast & easy execution. One can collect crucial information like past experience, skills, portfolio, and photos on this step only or can also simultaneously give a skip button. To avoid scams and fake profile creation, verify the identity of the freelancer & recruiters through a valid ID.

2. Job Listing: It is one of the core features of a freelancer marketplace and allows recruiters to post assignments and jobs for freelancers. You can mention the length of the project, the skills required in a freelancer, the gist of the task, and describe the company/project in this section.

3. Review & Rating: Another core feature of an app like Upwork is its review & rating system. Recruiters and freelancers both have the option to rate each other and share their experiences on the platform. This helps in getting future projects & building trust and authority over others. Notably, it is wise to keep the features open for parties involved in the project only to avoid spam or reviews from unknown sources.

4. Secure Payment System: A smooth and secure payment system is essential for any freelancing marketplace to run. A good freelancer marketplace has multiple payment options like debit/credit cards, Net Banking, IMPS, PayPal, etc.

5. Advance Search Options: A freelancer marketplace app like Upwork provides advanced search & filter options to freelancers and clients. Freelancers have the option to filter their results as per budget, location, keyword, and specific skills; and can also sort the results by time, project size, project cost, or recommended as per past data.

Advance Features of a Freelancer Platform

1. Time Tracking Tool: You can add a time tracking or project management tool and create transparency among clients & freelancers on tasks assigned. A time-logging feature is the perfect solution to keep track of hourly tasks.

2. Communication Tools: Existing freelancing platforms do have communication tools for freelancers and recruiters, but they come with limited features and are difficult to use. Adding a user-friendly tool that lets both parties share files, share screens, text each other, and do video/voice calls for better understanding.

3. Translation: Another good feature to add to your freelancer marketplace is the live translation on the chat feature. This will allow non-English speakers to access the platform also and will be easy to use for a mass population.

4. Dispute Resolution Button: Freelancing is an agreement between two parties, and conflict in the agreement is common. Many freelancers complain of not being paid, while many recruiters also have complaints about receiving the quality of work they were expecting. A dispute resolution button on the chat/project management dashboard will help resolve issues faster for both parties.

5. AI/ML Match: Existing freelancing platforms work on already set algorithms to match freelancers and recruiters. However, these algorithms are complex and match unqualified candidates also. One can offer a better version using AI/ML technology by understanding clients’ requirements; analyze their search queries, past behavior, and past preferences. AI can also take into consideration the freelancers’ hourly rate, time zone, reviews, and portfolios to match them with the right recruiters.

Fact: One of the leading freelancing platforms, Upwork, has over 10 million active freelancers and 1 million active clients.

Image Source: code-care.com

Types of Freelancing Marketplaces

1. Global Marketplace: Global freelancing marketplaces work over and above a particular area, and freelancers from around the world can join the platform. Some top examples of global marketplaces are Fiverr, Upwork, and Behance.

2. Local Marketplace: Many freelancing sites only work for a particular city or country and don’t serve people outside that area. One prime example is Salita, which works for translators in Norway only.

3. Niche Marketplace: Many sites focus solely on a particular niche and help people find specialists in a particular field. This type of marketplace helps build a community of experts from the same industry who can learn from each other’s projects, take inspiration, or learn trends. Some prime examples of this type are 99designs for designers and Toptal for IT professionals.

4. General Marketplace: If you want to build a freelancer marketplace open for people from different professions & skills, then consider a general marketplace. For example, freelancer.com and Fiverr are general marketplaces and are open to everyone.

5. Long-Term Projects Platforms: Apps like Upwork are the freelancing platforms that focus more on long-term, large assignments with a good budget size. These are the most versatile sites, i.e., they carry a variety of job types and different payment types.

6. Short-Term Projects Platforms: Apps like Fiverr are short-term project platforms focusing on specific small tasks such as content writing, copywriting, designing, or video editing. These sites are designed for low-budget clients focusing more on employers through affordable price freelancers.

Fun Fact: The top 30% freelancers make more than $75000/year.

Business Model of Freelancer marketplaces like Upwork

1. Flat Fee: One can charge a flat fee or a fixed percentage on each transaction, as freelancing platforms like Upwork does. Fees can be charged from both parties, i.e., the buyer and the seller, on completing the task/project. Notably, this is one of the most popular revenue-earning models for these platforms.

2. Sponsored Listings: Another popular monetization strategy is charging freelancers or recruiters to appear their listings on top. Everyone wants their post to be on the top and is ready to pay for it.

3. Initial Deposit: You can mandate an initial deposit for recruiters or freelancers, fully or partially refundable. Websites like Toptal use this model and charge a $500 deposit from all the recruiters to get started, but it is fully refundable at the time of account closing.

4. Freemium: This model is also quite popular among platforms and allows the user to navigate through the app’s core features for free. However, the platform charges for the additional/premium features, which facilitate some advantages over free users. Freelancing platforms Upwork & Freelancer.com have a free as well as a premium model for users.

5. Subscription Model: This strategy charges a fixed subscription fee in exchange for the service. For example, Upwork also has a subscription model for corporate and agency accounts, which starts from $49.99/month and goes up to $999 per month.

6. Combination Model: You can also use a combination of monetization strategies for your platform, as most freelancing sites do. For example, you can charge subscriptions from corporate/recruiters and can offer a Freemium model to freelancers to boost your revenue.

Fact: More than 70 million Americans are freelancing currently, and the number is expected to grow to 90 million by 2028 for the USA alone.

How to Build a Freelancer Marketplace? – Step-by-Step Guide

1. Research: First thing before you start to build a freelancer marketplace is to do your research correctly. Study competitors & understand the audience, market, and business model properly. There is already a lot of competition in the freelancing market, and to make your website stand out, find & correct your competitors’ omissions. Make sure to have your target audience set in mind and give them strong reasons to join a new platform. For example, websites like Toptal only target IT professionals and have their audience set.

2. Select a Business Model: the next step is to prepare revenue earning strategy for the platform. You have several options to choose from, like Freemium, subscription, flat fee, or a combination strategy. Selecting a business model in advance is significant because it influences your audience, customer journey, and the platform’s interface.

3. List the Functionalities: The next step is to determine the required functionalities of your freelancer marketplace. Identify all the core & additional features you will be offering to your users over your competitors to stand out. You might not need to prepare a detailed description of the features, but listing them down is crucial. Notably, it is important to have some additional features over competitors to attract customers.

4. Hire a Team: once you’re done with all the research and identified all the functionalities, it is time to get your platform developed. If you don’t have a team of developers already, you need to get it done either using a ready-made template (available on WordPress or other CMSs) or hiring web developers. Both options have their pros, such as using a template is cost-efficient, while hiring top web development companies will get you a platform with additional features.

5. Website Design: Once you have hired a team for your project, it is time to get your front end developed. It is the design of the platform and has a great influence on user conversion and retention. The UI/UX of the site is developed generally using React.js and includes stages like analysis, wireframing, design, etc.

6. Backend Development: The next step for developers is to start coding and prepare the backend of the site. This also includes developing all the functionalities for your site. The site can be developed using many programming languages, but the recommended ones are Grape & Rails API for developing storefronts for the market, PostgreSQL for database management, AWS for cloud, and Redis serves as a message, database, and cache broker.

7. Testing & Deployment: Once the design and the backend coding are done, it is time to get the website tested. Testing is essential to ensure smooth site navigation and find bugs to fix. The next step will be to buy the domain & hosting and deploy the site for launch.

8. Launch & Maintenance: The last step is to launch the site for the general public to use. It is essential to take feedback from the users frequently to keep the site updated for them.

Top Web Development Companies to Build a Freelancer Marketplace

Konstant Infosolutions

Konstant Infosolutions is a top web & mobile app development company offering its services to global clients for 20+ years now. The company has a massive team of 200+ experience developers and is a top-rated firm on many research sites, such as Clutch, GoodFirms, Business of Apps, ITfirms, and many more.

Magneto IT Solutions

Started in 2009, Magneto IT Solutions is another top software development company that offers services like website design, development, eCommerce, and support & maintenance. The company employs over 80+ professionals and has offices in India, the USA, and Bahrain.

Django Stars

Established in 2002, Armada Labs has been delivering global technological and development services to clients. The company has expertise in Fintech startups and has over 220+ FTE fintech experts on the team. The company has two offices, one in Poland and another in the USA, with top clients like Koalafi, QuickFee, Till Payments, etc.

How much does it Cost to Build a Freelancer Marketplace like Upwork?

The cost to build a freelancer marketplace depends upon several factors, including the platform complexity, business model, Development Company you choose, and many more. Out of all the factors, features and the development company play a significant role and will cover a major part of the cost. Just for reference, developers in US/UK charge $100-$200/hour, while top mobile app development companies in India charge $20-50/hour for the same work. Considering all the factors, the cost to build a freelancer marketplace will cost you approximately $70,000-$90,000.

Interesting Note: Graphic designing, computer programming, and web designing are the most paying freelance jobs.

Conclusion

So, this was the comprehensive guide to build a freelancer marketplace like Upwork. Note that the development of a freelancing marketplace requires some serious work and additional unique features over existing players to make a place in the market. It requires market research, industry knowledge, UI/UX designing, coding, and choosing a suitable business model. If you are not an expert in it, then consider some top web development companies to seek professional help from them.

Frequently Asked Questions – Build A Freelancer Marketplace

How Does Upwork Work?

Upwork is a freelancing platform that facilitates employers or clients to outsource their work to individual experts. A client posts a project and receives a number of applications from freelancers, giving him the choice of hiring a good candidate at an affordable cost.

What Percentage Upwork does Take?

Upwork charges a flat 10% fee from freelancers on each project and 5% from clients if the project is worth less than $500.

What are some top features of Upwork Alternatives?

Some top features for a freelancer marketplace like Upwork are registration, a bidding system, an advanced search & filter option, communication tools, and project management tools.

How Much Time Will Take To Create a Freelancer Marketplace from Scratch?

It is a complex task to build a freelancer marketplace and requires a lot of time. The exact time can’t be determined without knowing the complexity and features required, but it takes approximately 1600-3000 hours (depending upon the app) to develop an app like Upwork.

The post How to Build a Freelancer Marketplace? – A Comprehensive Guide appeared first on Top ITFirms - Result of In-depth Research & Analysis.

The interesting business model, addressable market, growth plans of the company, and all other financial details require due diligence on part of entrepreneurs, find some valuable ideas here!

Entrepreneurs, start-ups and SME’s are facing an unprecedented business glut as the ongoing lockdown crimps demand. While modifying the acts by the government doesn’t lend businesses to the monetization model in demand as often the information handled is confidential. Will this have an impact on job and business creation? As the economy dwindles, how can the food delivery service companies ride through this storm? How will the companies that offered jobs to fresh graduates and those who were about to start up at the beginning of 2020 will operate? How will healthcare and cyber-agencies peddle through the cures at inflated prices? With a slid in demand of anti-infectives, how will the regular medical practitioners shield themselves from a volatile job market? All this in place, how you sell, what your process is, how your customers feel when they engage with you matters more and coming up with an idea as a new business for a start-up can be challenging for young entrepreneurs.

SME Success Rate

According to a report by Forbes, nearly 90% of start-ups fail in the initial years. To rectify this, entrepreneurs need to be aware of some lesser-known reasons to avoid failures in their future endeavours.

A startup has a chance to succeed only if the business measures the demand and supply gap accurately and deploys the product at the time when demand is at peak. At this point, a careful survey is required to ascertain that the product is perfect for the market.

Current trends being escalated due to ongoing pandemic dictate that if you’re going to spend your time making a product then spend your time in ensuring that it’s the right product for the right market. Entrepreneurs do not ignore anything. They need to know the market growth, versatility, and their chances to recover in case they fail. If your startup lasts, you’re lucky. That means you were able to do exceptionally well, what your 90% of the counterparts were not able to do.

It is easy to come up with a startup idea, but it is equally difficult to define it logically. The growth trajectory and the ultimate success depend upon various factors including funding, target audience, sustainability, the market economy, the surge in demand, product-market fit, the scalability of the product, customer development etc.

Some Software Ideas and Suggestions for Start-up Businesses

• Clinic/Pathology Lab/Hospital Management System
• Software to download Youtube/Facebook/WhatsApp videos
• Software to track time/attendance management system
• A customer Relationship Management System (CMS)
• A software to Generate Invoice
• Software to track food inventory
• A software to create a business communication software
• Comprehensive software to manage on-demand services
• An illustrative software for e-learning
• Enter the market with a Cropping Software
• An All-in-One Booking Software
• Get a Plagiarism Checking Software
• Get Software that Converts Audio to Text
• Get Software that Converts Image into Text
• Get Software that Reads the Text for you
• Get a Daily Horoscope Software
• Get the Software for Consumer Complaints
• Get a Screen Recording Software
• Get Software that enhances the Security of a Computer System

Compendium

The truth to go by for now is to know if you need to fund your start-up idea, when you should raise funds for your idea, ensure that your funds are not wasted here, do you need to create a website or a mobile application? What are the features you need to include in your app? How do you monetize your idea (on-demand, marketplace apps, software as a service, e-commerce companies) and differentiating your idea from the competitors?
Top software development companies suggest that at whichever point you chose any startup idea, slot it into categories. Based on your analysis and research, which ideas need further research and a feasibility check; alternatively go for the ones will get your greatest “bang for the buck” initially.

The post 10 Top Ideas That Help Start-ups and SME’s Understand How to Build Value appeared first on Top ITFirms - Result of In-depth Research & Analysis.