Business | 10 min read
IoT Project Ideas and Business Opportunities: How It May Revolutionize Your Business
What is the right way to enhance your business? There are many options you can find. However, technology is one of the most appropriate ways to do it.
In this article:
The Internet Of Things integration to different business niches seems very perspective. IoT project ideas can become a rescue for your business and simplify the workflow and impact the productivity level.
What niches may benefit from IoT? What do IoT business opportunities exist? What is the impact of IoT? This article will introduce all the power of the Internet of Things and answer the questions above.
Internet Of Things Business Opportunities
The first thing we should do is define the sense of using IoT and what business opportunities it brings. The most common advantage of the Internet of Things is remote monitoring capabilities.
IoT-based devices are capable of gathering data, monitoring crucial indicators, analyzing them, etc. All this real-time information makes it possible for business owners to increase efficiency and improve their business.
Moreover, companies can track their assets using IoT, so it is one more method to leverage modern technology's business opportunities. Companies can respond to all changes immediately and consolidate existing processes.
Not to mention such an IoT business opportunity as an improvement of citizens' lives when smart cities become a reality. Smart cameras, traffic lights, connected sensors around the city — everything contributes to the economic growth and reduction of crime level. Gartner predicted that about 5.8 billion enterprise and automotive IoT endpoints would be in use by the end of 2020.
How Has The Internet Of Things Impacted Business?
It would be better to state the advantages of IoT substantively and how it is possible to modify business activity with new IoT ideas. Therefore, you will see the main reasons why you should keep up with some Internet of Things projects ideas.
Reduced costs. IoT contributes to the reduction of expenses since it helps prevent many issues related to product quality. For example, IoT is used for efficient inventory management, and it helps automate business inventory. If any problem is detected, managers can respond quickly and solve a problem.
Also, maintenance costs become lower since potential technical issues can be solved beforehand, and the number of failures comes to naught. Finally, IoT helps optimize energy usage and reduce costs.
Predictive analytics. That is where AI (artificial intelligence) and IoT meet. AI-based IoT solutions help the marketing department of any company research the market and build more efficient marketing campaigns. It can be implemented due to an analysis that evaluates what trends will prevail in the future. Thus, marketers can promote their brand more successfully. Besides, predictive analytics is especially valuable in manufacturing and logistics areas.
Personalized customer experience. Do you want to know everything about your customer base? IoT gathers and analyzes data so you can always have an in-depth analysis of your market. Thus, your company can provide a personalized experience to your customers and build your online service as user-friendly. Satisfied customers mean a steady income.
Higher security level. Alarm systems and smart cameras ensure safety, and all security measures can be applied instantly. Smart cameras can detect faces, send alerts if there are any suspicious activities, and help prevent thefts by employees as well.
Improved efficiency. IoT makes it possible to automate many repetitive tasks to let people focus on more creative tasks while smart devices will do routine tasks more accurately and efficiently. Employees can work remotely productively just using their laptops or smartphones.
How Is IoT Shaping Up The Future?
Or ask another question — why is IoT vital for us? First of all, the Internet of Things ideas' power provides users with small and almost invisible connected devices that make users’ lives easier.
However, apart from adequately functioning devices, it is necessary to have reliable software to bridge the gap between a device and a user. The software helps interact with a device and adjust the automated working process.
As a rule, devices are sold with already installed proprietary software. Still, in some cases, it is necessary to hire a development team that will turn your IoT business ideas into reality. Cadabra Studio is always ready to create IoT solutions of any complexity for your business.
The future of IoT should rescue people from the fulfillment of unnecessary tasks. IoT will send notifications only upon request, or when some crucial information will be available for users (like “car battery should be replaced” or “malware attacked your network”).
IoT Business Use Cases
IoT changes and revolutionizes many business niches and areas. And if you didn’t know, the Internet of Things may even save human lives (when used in healthcare) and animal lives (in agriculture). But let’s look deeper into all primary niches where IoT may be useful.
IoT In Healthcare
IoT startup ideas 2020 will undoubtedly include the healthcare sector since the potential income and value for users are combined in this niche. IoT devices allow reducing costs on healthcare, increasing patients’ satisfaction, integrating new diagnosis and prevention methods, and improving treatment efficiency.
Medical establishments can control equipment operating and staff involvement. IoT in healthcare includes remote monitoring like telemedicine systems, wearable devices (smart pacemakers, wristbands, etc.), assets tracking (control of defibrillators, and other equipment).
IoT In Retail
The retail sector already uses IoT actively, so its primary purpose is to meet all customers' demands and provide them with high-quality services. Due to AI and Big Data technologies, IoT in retail analyzes vast arrays of data and uses predictive analytics to forecast what product customers will buy next.
Also, improved data analytics becomes possible due to 5G and Edge Computing (a new technology that accelerates data processing). In 2020, it is expected that voice recognition will be one more popular trend since users are getting used to buying products with a smart device and their voice.
IoT In Agriculture
According to Business Insider Intelligence, the number of integrated IoT devices in agriculture will reach 75 million items by the end of 2020. Agriculture is the sector where IoT must be applied undoubtedly since population growth may lead to a lack of food. The Internet of Things will help reduce costs for crop cultivation and increase crop yield.
IoT devices in agriculture include robotics, drones, automated equipment for irrigation, animal sensors for health condition monitoring, etc. Thus, IoT provides farmers with more accurate data and lets them control everything correctly. Besides, smart greenhouses may protect plants from temperature oscillations.
IoT In Household
We cannot ignore the capabilities of IoT in the household. Smart locks allow dwellers to lock/unlock the door remotely, smart toothbrushes that send dentists information about oral health, a smart kitchen that may switch on/off domestic appliances, and smart climate control (when heating or cooling is activated only in the room where people are present).
In fact, the capabilities of IoT in the house are limitless. Everything depends on your Internet of Things business ideas and business plans.
IoT In Manufacturing
The manufacturing sector requires permanent control to avoid failures, which may lead to serious financial problems. Moreover, improper equipment maintenance is fraught with the most severe consequences for people's health and life. So IoT is used to monitor all critical operations and notify specialists when something may go wrong.
IoT in manufacturing performs remote monitoring and operations to detect whether machines run correctly or not. If some issues are identified, predictive maintenance and smart asset management functions report employees about possible failures to prevent any malfunctions. Smart sensors installed in manufacturing plants make the process less time-consuming and more efficient.
IoT In Banking
The application of IoT technologies enables the gathering and analysis of large data arrays in the banking sector. Banks learn more about their clients receiving data from IoT devices, and it helps them improve service quality, change product strategy, and make the right investment decisions.
For example, collected information can be used by banks for drawing up individual credit risk. Also, this information allows banks to find a personal approach to each client and increase their loyalty. Personalized customer experience is the priority of any business.
IoT devices installed in banks make it possible to recognize the client when they enter the bank. And specialists may be prepared for each client and provide them with potentially exciting information.
What Should You Do If You Have IoT Startup Ideas?
The Internet of Things is the technology that has so many particularities and aspects which cannot be described in one article. It has numerous application methods, so if you want to automate some business processes, make them accurate and efficient — you just need to discuss it with the IoT software development team.
Moreover, before you contact software developers, we recommend you read a detailed guide on how to build an IoT app. You will find useful information, including steps, IoT challenges, existing examples, tech stack, and more.
If you have already determined IoT project ideas, it is time to hire Cadabra Studio and provide our specialists with your development plans. We sign an NDA (non-disclosure agreement) with you, so your project will be confidential and kept secret. It is time to start right now!
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