IoT Ideas for Your Business Opportunities
In 2020, there will be 2.5 more Internet-connected devices (up to 10 billion), that people who use the Internet (less than 4 billion). No wonder, the Internet of Things — a digital environment where interrelated devices transfer data without getting special human commands — is likely to bring new opportunities to business, science, and everyday life.
Let’s find out how IoT and business could benefit each other in 2019.
How Does IoT Impact Businesses?
IoT business ideas made marketing more human-oriented. Together with artificial intelligence and machine learning, IoT allows us to simplify routine tasks such as payments, choosing the right products in the store, taking care of pets, or managing the business team.
In 2019, the IoT market is valued at $150 billion and in the next 5 years it is expected to generate the revenue which will be 10 times bigger! The most demanded niches are smart homes and cities, self-driving cars, automated trading, and remote healthcare.
IoT business opportunities may vary regarding the area you are working in. However, there are several common aspects of all of them:
— Business automation, tracking, and management
— Big data proceeding
— Outsourcing and remote cooperation
IoT Business Opportunities for Startup
Most of the digital devices released nowadays — from PC to the climate system — are connected to the Internet. And in 2018, the number of startups in the IoT area reaches 26,792 projects! Their founders are working to connect IoT and business in a smart way and, obviously, to get their revenue.
- IoT in Healthcare
You’ll hardly find a non-digitised hospital these days. Over 87% of global medical institutions implemented IoT-connected devices to provide better service, store data, and make scientific discoveries. The US and the EU countries are leaders in applying the digital approach in hospitals.
IoT business examples of the healthcare sector remain the following: patient monitoring hardware (ECG and EKG monitors), scientific data exchange programs, remote operation equipment, and eHealth patients support projects.
IoT in healthcare is also challenging. Medical equipment tends to store patients’ data and requires soft protection from cyber attacks and data loss caused by program errors.
- IoT in Manufacturing
Since you may digitize every industry, IoT business examples in the manufacturing area are various. One could use the Internet of Things to automate business operations and save money. Others choose to monitor production quality and manage commercial resources remotely.
Smart sensors make manufacturing time-efficient — with their help IoT-connected robots can execute the same tasks as human workers.
IoT approach strengthens with AI within production chains makes enterprises more flexible and faster operating, and has a great positive impact on final product quality.
And big data analytics in the manufacturing area is also an issue. Conducted with IoT devices, researches could be helpful while optimizing marketing campaigns and corporate strategy.
- IoT in Retail
Internet of things business opportunities in retail is mainly focused on providing better customer experience and reducing owner’s costs (up to 25%).
The approach could take different forms. Payment services, product sensors designed to guide customers, smart shelves, and automated stock management are just a couple of examples.
In 2019, IoT products for the retail sector are estimated at $410 billion. Most of the solutions are connected with payment automation (automated checkouts, smart billing, product tags, etc.) and marketing. IoT in business gives marketers an opportunity to study customer behavior and improve their campaigns, products, or market spaces.
- IoT in Agricultural
The investments in AgTech (agricultural sector IoT is a huge part of it) are going to increase by 60% by 2030 comparing to 2015, and now they are estimated at $4.6 billion. The reason for that is simple — while the population is growing and resources remain limited, agriculture task is to keep cattle breeding and land cultivation productive.
If you are planning to connect your life with agriculture, take a look at following IoT business opportunities: field and soil sensors development, crop origin tracing tags, agriculture equipment and machine sensors (for diagnostics and harvesting), and robofarming.
- IoT in Banking
IoT business opportunities reached the finance sector and make a revolution in the banking industry. Although digitized banking services is just the first step, remote banking had already become a significant tool for people to keep their finances under control. IoT also has a positive impact on financial operations transparency and open data, too.
There are some IoT business ideas that considered to be the most influential. Banking personalization and peer-to-peer systems, contactless payments, and Bank of Things (BoT) development — all of them are demanded areas.
Banking data protection is a side sector that receives extra funding these days. Last year, more than 1.7 million bank accounts were attacked by cybercriminals. As more and more people tend to control their finances online, there is a certain need for proper personal data encryption.
Conclusion
IoT and business have a great influence on each other, however, IoT became a socio-cultural phenomenon that fascinates not only entrepreneurs but also philosophers and writers.
The Internet of Things expands the agriculture, retail, banking, and industrial frameworks, and at the nearest time, it is expected to have a great impact on the global lifestyle and the way the commercial world is run.
IoT approach helps businesses and nonprofits to be time-effective and inclusive, provide personalized solutions, and improve the quality of the product. And strengthened with AI and cloud technology, high-speed Internet, and increased hardware productivity, it is likely to bring even more opportunities in the nearest years.
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