## 3 State of the Art
### Financial Viability of Selected IoT Communication Technologies  
Life cycle costing is a crucial tool for making informed decisions about the economic feasibility of IoT communication technologies. IoT systems are typically composed of numerous devices with diverse functionalities and connectivity options, and estimating the total cost of ownership over the system's life cycle can be complex. Life cycle costing involves evaluating the costs of a system over its entire lifespan, from procurement and deployment to maintenance and disposal, taking into account all relevant cost components. By understanding the full cost profile of a technology, businesses can make more informed decisions about which IoT communication technologies are financially viable and sustainable in the long term. Financial viability is a critical factor in determining the feasibility and success of complex and future-oriented technologies, such as LoRaWAN and NB-IoT. These technologies, with their potential to revolutionize various industries through the Internet of Things (IoT), require a comprehensive evaluation of costs to make informed decisions regarding their adoption and implementation. One-time costs, including the purchase of hardware and software, play a significant role in assessing the financial viability of these technologies. The initial investment required to acquire the necessary infrastructure, devices, and sensors can be substantial. It is crucial to consider the costs associated with procuring the hardware and software components,as well as any additional customization or integration required for specific applications. Moreover, ongoing maintenance costs should be factored in, as these technologies often require regular updates, bug fixes, and security patches to ensure optimal performance and address emerging challenges. Recurring costs are equally important to consider when assessing the financial viability of LoRaWAN and NB-IoT. Communication costs form a significant component, as these technologies rely on wireless connectivity to transmit data between devices and platforms. The expenses incurred by the data plans, network subscriptions, and infrastructure maintenance should be evaluated to determine the long-term financial implications of deploying and operating these technologies. Additionally, maintenance costs encompass not only routine maintenance, but also potential repairs or replacements of faulty components over the technology's lifespan. Properly accounting for these recurring expenses is essential for budgeting and ensuring sustained operations. Operating costs, including energy costs, are another critical aspect of financial viability. LoRaWAN and NB-IoT technologies often involve numerous devices and sensors spread across a network, which consume power to function. The energy consumption associated with these technologies can be substantial, particularly in large-scale deployments. Assessing the energy requirements and estimating the associated costs are vital for understanding the ongoing operational expenses and optimizing energy efficiency. In addition to the direct costs, the lifelong learning of employees must be considered. With the continuous advancement of technology, it is crucial to ensure that the workforce possesses the necessary skills and knowledge to effectively operate and maintain these complex systems. Investing in employee training, upskilling, and lifelong learning initiatives is crucial to keep pace with the evolving technological landscape. These costs, both in terms of time and resources, need to be factored into the financial evaluation of LoRaWAN and NB-IoT technologies. It is important to note that the financial viability assessments for complex and future-oriented technologies should not be limited to individual cost components. The holistic evaluation of all costs, including one-time, recurring, and indirect costs, provides a comprehensive understanding of the long-term financial implications.