A method for developing an application for an Internet of Things (IoT) platform, the method comprising:

providing a plurality of input specifications corresponding to the application using an input interface, wherein the plurality of input specifications comprise data related to the application to be developed on the IoT platform;
selecting a sensor from a pool of sensors using a sensor knowledgebase based on the plurality of input specifications and a prior sensor knowledge stored in the sensor knowledgebase, wherein the sensor configured to generate a signal;
retrieving at least one algorithm from a repository of algorithms using an analytics algorithm knowledgebase suitable for each step of the processing of the signal based on the plurality of input specifications and a prior algorithm knowledge stored in the algorithm knowledgebase;
retrieving a domain information from a domain specific knowledgebase based on the plurality of input specifications, wherein the domain information configured to link the sensor knowledge with the algorithm knowledge;
retrieving a communication capabilities of a plurality of gateway devices, a plurality of gateway-to-cloud communication channels, a storage capacity of cloud and details of a computer hardware in infrastructure of cloud from an infrastructure knowledgebase based on the plurality of input specifications;
applying by a processor, a plurality of computing operations on information retrieved from the sensor knowledgebase, the analytics algorithm knowledgebase, the domain specific knowledgebase and the infrastructure knowledgebase, resulting in generation of a plurality of information elements;
recommending by the processor, optimized recommendations to develop the application for the IoT platform; and
deploying by the processor, the application on the IoT platform based on the optimized recommendations.

2. The method of claim 1, wherein the optimized recommendations are generated based on the plurality of information elements.

3. The method of claim 1 wherein the method of deploying using a meta-model to represent on the IoT platform.

4. A system for developing an application for an internet of things platform, the system comprising:

an input interface for providing a plurality of input specifications corresponding to the application to be developed on the IoT platform;
a sensor knowledgebase for providing a sensor from a pool of sensors based on the plurality of input specifications and a prior sensor knowledge stored in the sensor knowledgebase, wherein the sensor configured to generate a signal;
an analytics algorithm knowledgebase for providing at least one algorithm from a repository of algorithms suitable for each step of the processing of the signal based on the plurality of input specifications and a prior algorithm knowledge stored in the algorithm knowledgebase;
a domain specific knowledgebase to provide a domain specific information, wherein the domain information configured to link the sensor knowledge with the algorithm knowledge;
an infrastructure knowledgebase configured to collect and provide information about the communication capabilities of a plurality of gateway devices, a plurality of gateway-to-cloud communication channels, a storage capacity of cloud and details of a computer hardware in infrastructure of the cloud; and
a processor configured to perform the steps of,
applying a plurality of computing operations on information retrieved from the sensor knowledgebase, the analytics algorithm knowledgebase, the domain specific knowledgebase and the infrastructure knowledgebase, resulting in generation of a plurality of information elements,

recommending optimized recommendations to develop the application for the IoT platform, and
deploying, the application on the IoT platform based on the optimized recommendations.

5. The system of claim 4, wherein the sensor knowledge base comprises at least one of information related to sensor make, sensor model, features, operating conditions along with details on sensor communication interfaces / protocols, device drivers, sensor data or models.

6. The system of claim 4 wherein the sensor knowledgebase is used by the application developer using a sensor explorer interface.

7. The system of claim 4, wherein the analytics algorithm knowledgebase comprises metadata about algorithms detailing at least one of application areas, performance parameters, accuracy, CPU complexity or memory load.

8. The system of claim 4 further includes a security module configured to manage a plurality of security schemes for data while communicating, storage and transformation.

9. The system of claim 4 further includes a communication module to provide communication between all the knowledgebase and the modules.

10. The system of claim 4, wherein the domain specific knowledgebase to be populated by a plurality of domain experts.

11. The system of claim 4 further includes a device binding module configured to bind a plurality of devices present in the system.