The Internet of Things is one of the most talked-about topics in the last few years. In simple words, IoT is a network of interconnected devices that sends data without the need of any human. Today, we will talk about the Internet of Things Business Opportunities.
IoT is transforming a vast number of industries and it is being accepted by different countries worldwide. IoT Applications & Examples are proof of that.
As per FinancesOnline, B2B IoT devices will increase from 2.5 billion in 2017 to 5.4 billion in 2020.
With each passing year, IoT is becoming one of the most powerful economic drivers for different businesses worldwide.
If you are also planning to enter into the IoT bandwagon, then be with us till the end. Here, in this blog, we will explain various business opportunities available via IoT.
But, before that, let’s have a quick overview of how IoT affects business and its future.
How IoT Impacts Business?
The impact of IoT on business is limitless and it will change the facet of a vast number of industries very soon.
IoT is changing the entire marketplace for businesses in different sectors by providing a world of information & service delivery at the never-before-possible speed.
That’s why there is so much demand for any World-Class iot app development company india in the industry.
Here are some of the ways IoT will impact businesses:
- Inventory Tracking & Management: IoT inventions would assist the business in tracking as well as managing inventory by providing automatically-controlled options.
- Enhanced Productivity & Efficiency: IoT devices help to connect every small & big part of a business, which in turn helps to enhance efficiency & productivity of the business.
- Remote Working: If your business doesn’t rely on physical inventory, then IoT technology will be helpful as it enables employees to connect & work remotely. This makes workers happier & productive and significantly increases your business.
- Perception & Data Sharing: Various businesses grow by utilizing the data collection and exchange mechanism. With the usage of IoT devices, businesses can track & record patterns of consumers and then offer a better user experience.
Future of IoT
The future of IoT is phenomenal. The progress of the industrial internet would be transformed via enhanced network strength, integrated Artificial Intelligence, and the ability to deploy, automate, arrange and secure various use cases on a large scale.
The main purpose of IoT is not only to connect billions of devices seamlessly but also to make use of a large amount of data that could automate various business processes. The latest IoT Trends also support this fact.
For instance, IoT and Bigdata together can be used together to fetch numerous data about customers and provide them with better user experience. That’s why knowing the Internet of Things Business Opportunities are critical.
IoT Business Opportunity
Internet of Things Business Opportunities is in a wide number of industries. Here, we will look after all of them in detail:
Medical & Fitness
Fitness wearables are connected to the Internet so that they can interact with our smartphones. A fitness ring connected to an IoT system and syncing could provide a lot of details.
One of the vital things of these devices is to transfer data from your heartbeat to a medical institution or a doctor in an emergency.
Likewise, when various smart sensors are connected to the Internet, they are useful to send information to doctors, and hence doctors can remotely look after their patients.
The medical sector is extensive. Here, a lot of things in a hospital can be improved with the use of IoT. For example, IoT can help a patient to fix an appointment with a doctor instantly.
Industrial IoT’s primary purpose is to utilize sensors and automation to make their business operations highly effective. It is merely useful in rapid and better decision making.
By gathering detailed data in real-time, the IIoT allows companies to know their business processes well, and by analyzing data obtained from sensors, they can transform their operations and come up with new revenue streams.
As of now, IIoT is highly adopted in industries like retail, manufacturing, utilities, and transport. So, these are some Internet of Things Business Opportunities.
Even though various cities around the world have started adopting the latest technologies to make it smart, there is still room for improvement.
By entering into this business, there is a strong possibility for you to become a leader. Here are some things you can consider:
Using the GPS data from smartphones or sensors integrated on the ground of the parking spaces, smart parking solutions provide details about all the nearby parking spots and also form a real-time parking map.
As soon as the nearest parking spot is available, users get notified along with directions; hence, they can park their car efficiently.
Handling and maintenance of street lamps can be simplified and affordable via IoT. Embedding street lights with sensors and linking them with a cloud management system allows creating a lighting schedule for the lighting zone.
There were just two examples of how a city can be transformed into a smart city. Apart from the above, there are a lot of other ways IoT is useful for smart city adoption such as waste management, solar panels, etc.
Toys are one of the most essential things for kids and hence there is an excellent opportunity to help kids grow using IoT Toys. This is one of the classic IoT Business Opportunities.
For instance, toy robots such as Dash enable kids to program how the robot moves, and Harry Potter Kano Coding Kit teaches coding skills to the kids.
Another important issue that most parents face is measuring the temperature of the kids. Using a responsive toy like Teddy the guardian, you can instantly know the kid’s temperature via its sensors.
With each passing year, cars are transforming to new heights and in the future, we might be able to see autonomous cars. So, you can also integrate some new things in this wonderful sector.
But, currently, the major issue faced by a lot of drivers is the security of their cars. To resolve this, you can introduce various sensors into the car that recognize the driver based on their weight, height, and face.
If all the elements don’t match with the data, then the IoT car gets locked instantly. So, these are one of the Internet of Things Business Opportunities.
Moreover, sensors can be beneficial to enhance security on the road when someone is driving the car. Such as quick measurements between cars can save numerous lives.
Territory IoT Monitoring
IoT can be highly useful in the farming sector. IoT devices can help to track the soil humidity and also manage the water supply.
These devices also enable to manage the health of fruits and vegetables and notify farmers when to do the harvesting.
Devices such as infrared cameras and air filters are useful to save forests from the fire. These devices can be highly beneficial in nations with issues in different weathers.
In customer appliances, you can consider a vast number of things to improve the life of the customers.
This can be anything such as a smart washing machine that is operated using a smartphone, smart doorbell or security, smart fridge that suggests shopping lists as per available products, etc.
IoT in Healthcare
A lot of new things have been introduced using IoT in the healthcare field over the last few years.
As per the reportsanddata, the worldwide IoT in the Healthcare sector is expected to increase at 19.8% from USD 60.83 Billion in 2019 to USD 260.75 Billion in 2027.
The United States has understood the importance of IoT as it is expected that they are going to invest $534.3 billion by 2025 in the healthcare IoT sector.
The above statistics indicate that the IoT will have a great impact on the healthcare development sector. Here are some of the fastest-growing trends which you can look upon for IoT business ideas:
The majority of devices used in the healthcare sector are meant for remote operations and control. With the help of this, doctors can be aware of the patient’s health, whether they are with them or not. So, this is one of the most popular Internet of Things Business Opportunities.
Tracked Ingestible Sensors
WHO had researched in 2003 and found that 50% of prescribed medicines are taken incorrectly. In order to end this issue, ingestible sensors built by Proteus are introduced. These sensors hold the place of prescription and alert the device upon dissolution in the stomach.
Improvised Lifestyle Disease Treatment
Using various wearables, sensors, data analytics, and mobile devices backed up by IoT, it becomes really effective and accessible to look after lifestyle diseases.
The primary purpose here is that recurring health issues should be tracked and analyzed from time to time. In this manner, trends in the disease fluctuations could be specified and compared to be appropriately addressed.
Moreover, with the integration of AI and Blockchain along with the above things, all the things can be achieved efficiently.
IoT in Manufacturing
Using IoT, the owner could combine operational technology (OT) and IT to immediate various business procedures, track product quality effectively, and look after various things from the comfort of their office.
The latest IoT ideas in the manufacturing sector can be implemented to the majority of the current industries. Here are some of the most popular Internet of Things Ideas:
Smart sensors in Manufacturing
IoT is responsible for reducing costs and speeding up the manufacturing process. A wide number of smart sensors are interconnected for tracking the procedure of production and Manufacturing allows companies to identify the main reasons behind quality issues and delays in production.
A minimum of 35% of manufacturing companies in the US utilize electronic tracking systems and schedule the operations of the manufacturer. Moreover, regular manufacturing procedures could be carried out via IoT connected robots.
Smart packaging access materials with implanted interconnectedness offer various advantages to manufacturers. The main purpose of smart packaging is that it allows consumers to be involved with it, and produce data to manage the product extensively.
IoT & packaging are combinedly used in various ways, along with sensors, QR codes, and AR/VR. The main purpose here is to offer better value to customers by enhancing operations and increasing speed via smart tracking.
IoT has also launched various smart sensors in the manufacturing industry that are able to track the overall usage of power, water, etc. So, know the Internet of Things Business Opportunities in detail.
IoT sensors would allow organizations to measure total usage and implement the latest trends for proper utilization of the resources.
Using a highly customizable dashboard offered by the business enables manufacturers to study the outcomes of smart meter monitoring.
They can look after costs, performance, and carbon footprint of other resources to integrate more choices in the manufacturing process.
Flexible production chains
Meeting the demands of the users worldwide needs better adaptability, enhanced service speed, and transparency from the manufacturer. To improve the production plan and customer service cycle, usage of various databases is needed.
Automating the maintenance process will be the solution in 2020 and the upcoming years.
IoT in Retail
IoT has a significant impact on the retail industry & offers a wide range of benefits such as the enhanced customer experience, enhanced supply chain management, better inventory management, etc.
Secondly, McKinsey anticipates that the overall impact of IoT in retail markets would be $410 billion to $1.2 trillion by 2025.
Here are some for the IoT opportunities in the retail sector:
One of the most compelling trends executed in the retail space is the automated checkout. Here, you can establish a system that reads tags on all products as soon as the customer leaves the store.
This approach will be beneficial to all the customers who are in a hurry. Also, it will be beneficial for you to improve sales and also reduce staff requirements.
McKinsey states that automated checkout would decrease staff requirements by up to 75%, thus increasing savings from $150 billion to $380 billion by 2025.
IoT offers some of the excellent ways for retailers to improve conversion rate. Initially, you can offer a discount to all the customers who are entering your store.
Secondly, you can provide better offers to regular customers on the products that they purchase regularly.
Using IoT, you can establish sensors on the store and send loyalty discounts to specific customers while they stand besides products on their smartphones, in case they sign up for your loyalty program in advance.
Thirdly, with the help of IoT, you can monitor customers’ requests on the Internet and then offer deals on the same products when they reach your store.
Robots and Smart Shelves
A majority of the staff’s time is wasted in monitoring the items to make sure that they don’t go out-to-stock and also look at whether products are misplaced from the place. Smart shelves can conduct both the tasks with ease and also look after any thefts.
As robots introduced in the business, they can help to save a lot of your maintenance costs.
Robots can be useful for users to discover the correct products along with characteristics or verify whether the correct product is available.
In-store Layout Optimization
You may find that your retail space isn’t appropriately optimized as per the needs of your consumers. For instance, the oldest products are placed in front and the newest behind.
In short, your store layout is not as per the consumer’s behavior. In order to resolve this, it would be best to install a tracking system to understand the behavior of the consumers.
This tracking system can instantly process all the details that the cameras, cash registers, and mobile client apps sent to it, and then offer you with ready-made solutions.
IoT in Agriculture
With the increasing population, it’s highly important to produce more food. For this, it is essential to utilize resources like land, water, agricultural equipment effectively. Considering this, Agriculture has started adopting IoT to enhance its operations.
With each passing year, new IoT businesses are joining the agriculture industry. Moreover, as per reports by marketsandmarkets, the agriculture IoT market is anticipated to reach from $12.7 billion in 2019 to $20.9 billion in 2024.
Now, let’s go through different IoT business opportunities in the Agriculture sector:
There are different ways to utilize sensors in the agriculture sector. For instance, you can cover your land with sensors and they will identify when the crop is handy and notify the farmers.
Secondly, sensors integrated into the soil. They will be useful to check the temperature, composition, moisture, and track overall development of crops. They can instantly switch on irrigation, disinfection & harvesting schemes.
Farmers utilized high-cost equipment and they must work effectively for smooth farming. Therefore, various tractors and other equipment equipped with sensors to track the overall health and prevent breakdowns.
Moreover, sensors can determine the exact location as well as the performance of the equipment.
Tracking of climate conditions
One of the leading agricultural gadgets is weather stations that uses smart sensors. All of these sensors integrated on the land; they then capture all the essential details and send it to the server.
All of these sensors are useful to check the climatic conditions, select different crop types, and take essential steps to enhance the capacity.
Artificial Intelligence possesses awesome capability in the Agriculture field, where the majority of tasks look dull. So, this is one of the classic Internet of Things Business Opportunities.
Various tasks such as planting, fertilizing the soil, watering, harvesting, transporting, etc. on crops can be turned automatic using a framework in the IoT method.
Moreover, robots are highly robust and don’t need sleep or any break and can be highly beneficial in remote regions. Thankfully, robots are also environment friendly.
IoT in Banking
With the help of IoT, banks can offer tailor-made and consumer-centric solutions.
Digitalization and IoT automation transform banks into an effective tool to look after the finances of people who are afraid of making any agreement with banks due to their complex process.
With each passing year, bank operations are also becoming clean & clear for all the customers.
One of the other benefits of current banking is that the majority of things can be accessed on any device.
IoT in banking as well as the financial services market is anticipated to grow at a CAGR of 28.9% between 2019 to 2026.
Now we will walk you through some of the best IoT ideas for banking.
Enhanced Banking Experiences
IoT can completely transform the banking experience. It offers clients about the insights and personalized experience at a scheduled time. With the seamless connectivity of devices, visitors can fix an appointment and check on their smartphone.
This simply indicates that the customers know in advance when it is their time to stand at the counter instead of having to wait in line.
Apart from that, with the help of IT, various sellers, buyers, employees & individuals can utilize the automated financial management systems Development as per the peer-to-peer models, which obliterates banks. Moreover, the banks offer financial services that peers do not.
But, banks have to become adaptable to fulfil the demands of the customers. Financial institutions across the globe have spent millions in tech startups to research customer behavior via analysis of their bank accounts and data from their banks’ mobile apps.
The main purpose to collect the entire data is to build a robust alternative for the peer-to-peer model, highly adaptable, secure, personalized, and trusted.
IoT Baking and Security
IoT Banking is a streamlined method of carrying out financial transactions with very less interaction from the client’s side. To implement this thing, be aware of the IoT Security Challenges. It will help you in the long run.
The client possesses access to all the details of his/her financial transactions and doesn’t require to verify all the things such as allowing the bank to pay for the parking space that client already consists of. In short, mobile devices are now the client’s pay points.
One notable feature of the IoT banking is biometric passwords and the monitoring of the client’s smartphone. So, knowing the Internet of Things Business Opportunities is advantageous.
Combining various things such as a mobile device, a camera, bank servers, GPS sensors, and scanners of bank card chips into one single system can cause complete protection of a client’s account.
Enhance Credit Card Experience
IoT is also responsible for the development of the interactive credit card. Instead of consisting of a piece of plastic card, a bank client communicates and engages with a digital display.
It enables them to raise questions to the bank on the go and change the limit settings of their credit card while purchasing things on a shopping website.
One of the major issues we have in this modern age is energy consumption. With our busy schedule and sluggish attitude, we rarely monitor our energy consumption and think about the environment. It’s one of the great Internet of Things Business Ideas.
In order to cope with this situation, technology offers some of the practical solutions. Using the IoT, we can limit our consumption of fuel and electricity.
For instance, the smart homes and other related illumination devices are built in a manner to instantly turn off when nobody is present inside the room and provide constant updates about energy consumption.
IoT in transportation will help to resolve a vast number of problems that we face in our day to day lives. Here are some of the IoT business opportunities in the transportation sector:
New age cars highly depend on connectivity and play an essential role in IoT. Various premium vehicles come with internet connectivity, sensors, and actuators. Here, one can make use of Open Source IoT Frameworks to build a smart solution.
Connected car technology systems can track various things like engines and brakes, handle tyre pressure, and handle exhaust gas composition.
Connected car technology utilizes a grid of antennas, sensors, embedded technologies to help users make precise and convenient decisions.
Vehicle Tracking System
The operators probably use vehicle monitoring systems for things such as routing, fleet management, dispatching, on-board information, and security.
Even though vehicle tracking systems highly adopted by businesses, with IoT, it has gained more traction. Latest vehicle monitoring systems could track fuel, temperature, link with the RFID, etc.
IoT & Edge Computing
IoT is mainly a vast network of devices seamlessly that has a connection with the Internet. Here, IoT devices connected to the object that aligns with the network to send and/or receive data. This could be a great IoT Startup Ideas.
Similarly, IoT edge devices also send or receive data. While, with the ongoing miniaturization of computer memory and processors, these devices are now able to analyze as well as respond to the data.
Due to this, the overall capability of edge computing increased, which sends the network’s processing workload to all the devices situated on the outer edges instead of funneling back to a centralized server.
Edge computing architecture offers benefits when we talk about the speed, as it doesn’t affect the latency when highly essential data flows from one end to another in the network.
Also, edge computing architecture is responsible for utilizing the overall potential of the Internet of Things. You can also develop a web application with IoT for this purpose.
Because edge data centres increase their competencies via different edge data centres and 5G connectivity, businesses should think about how these devices can help to improve their day-to-day operations.
IoT & eCommerce
The Internet has completely changed eCommerce development by offering consumers great options; however, IoT edge devices have gone one step further in offering a top-notch automated experience.
Mobile apps now offer excellent ways for consumers to search and buy things online, and the same functionality will be now available in future devices.
All the customers who want to reduce their expenses should look forward to automation. For instance, smart printers could instantly place delivery order as soon as ink levels are low, or vehicles that fix maintenance in advance while a part is about to fail.
For a vast number of businesses, their visibility increased by using IoT edge devices for different purposes such as fleet management, inventory, etc. Also, it provides numerous possibilities to enhance efficiency and adaptability.
A variety of things in inventory at different phases of the production and delivery process monitored through IoT technology. This makes it easy to track the things at various stages without any hustle.
Such as from sensor equipment to RFID tagged clothing, IoT devices offer the top-notch clarity, which was not available previously. Backed up with information, the organizations can detect inefficiency, reduce costly waste, and offer seamlessly premium service to the customers.
Various modifications carried out in the fleet management solutions, with firms utilizing different IoT ideas to monitor semi-trailer trucks going long-distance and last-mile deliveries, government vehicles shipping essential items, etc.
Food Value Chains
IoT has modified the entire food supply chain systems. Farmers are looking forward to reducing risk and applying new things to enhance the field.
Scientists are building new methods to combine data industrial and farm methods attached to the Internet, and transportation of items to shops in one centralized system.
As per the WEF Report of Food Value, monitoring of food due to blockchain will help to decrease food loss by 2% worldwide.
In the same way, IoT fetches extensive details about the food products, including the supply chain. Traceability technology consists of sensors that are responsible for food safety and condition tracking. The overall method helps to enhance food safety and decrease fraud supply.
IoT requires blockchain to resolve all the problems associated with the security of data. According to a decentralized, identifiable, and hack-proof data structure, blockchain functions as a simple tool for device authentication and security.
The power of blockchain remains high in the whole IoT data life cycle:
- Device registration in blockchain;
- Transparency and tracking of information from the surroundings to the gateway to the blockchain;
- Safe data processing and transmission.
The Rise of IoMT
Over the last few years, there is an excellent acceptance of IoT in the medical industry.
IoT has been used in Medical for various things like the wearable sensors & devices, navigational technology, real-time supply chain tracking while drug export.
Also, the IoT will enhance light & temperature control of the devices utilized for extensive patient care. So, this is one of the big IoT Business Opportunities.
Moreover, IoT is the primary cause of the lighting system for scanning monitors. The ongoing amalgamation of health apps with the virtual assistants and wearable devices helps to fetch essential details about patients health and offers to track at home.
Also, with the increase in the application of Telemedicine, IoT is responsible for offering remote healthcare services.
Applications of IoT Business Models
As of now, Google, Microsoft, and Amazon are the top three companies investing a lot in the IoT; however, with passing years, a wide number of companies are entering into the IoT bandwagon due to vast IoT Business Opportunities.
Here, we will now walk through some fantastic applications of IoT business models:
Intel’s IoT Group (IoTG) has generated a revenue of $920 million in the 4th quarter of 2019.
In the same quarter, the firm initiated it’s Keem Bay vision processing unit that emphasized edge processing for IoT technologies, highly useful to control the influx of data arriving from the connected device deployments.
Particle is an IoT platform that blends software, hardware, and connectivity solutions. The platform for enterprise engineers in the prototyping stage in a quest that engineers with fewer funds drawn to its full-stack platforms.
Telecom sector is also looking forward to adopting IoT. Also, AT&T has plans to become the first cloud company in the year 2024.
To achieve this goal, the firm reported that it would enter the forces with Microsoft to work on latest technologies such as cloud, AI, 5G, and edge computing.
Popular IoT services company Telit has also made a collaboration with Deutsche Telekom (DT). Also, Telit stated in 2019 that it’s functioning with DT to introduce a SIM card solution that can be incorporated into IoT devices, enabling them to connect with the wireless network instantly.
The Internet of Things provides new IoT Business Opportunities in various sectors. It not only transforms businesses but also improves the lives of people around the world.
Lastly, if you have any plans to integrate IoT in your business, don’t hesitate to share your project details with us. Our experts will understand your business idea and convert it into reality.