There are some cost considerations associated with IoT analytics specifically. They are not unique to IoT but become more pronounced with the scale and processing needs associated with it.
IoT analytics requires multiple layers of cloud services. There is often an IoT hub, message queue, load balancing, compute, storage, ML service, data warehouse, and security services included in an IoT analytics solution.
As mentioned previously, these costs can add up quickly if not designed carefully and monitored closely. Make sure to include all services in a business case and use cloud flexibility to minimize costs.
Model your expected IoT analytics usage requirements carefully. A business case should not include only the services used for analytics during data processing and storage. It should also include costs for both ad hoc analytics and data science modeling on the stored historical data.
