Top 7 IoT Business Ideas: Innovative IoT Use Cases

When talking about the Internet of Things and business opportunities, we cannot help but turn to the statistics. The data is really impressive: just think, in 2018, the number of short-range IoT devices worldwide amounted to 7.5 billion. And this is not even close to the limit. According to research, by 2024 this number will increase to 17.8 billion.

It is expected that in 2021 the total value of the IoT market will be $520 billion with the systems integration segment accounting for $116.1 billion of that. By 2025, according to Statista, the market assessment will show data of about $1.6 trillion.

This is not only known by analysts but also by developers that the future is in the Internet of Things and blockchain technology. That is why the most profitable business ideas are focused in some way or another on IoT.

Today, Internet of Things projects and ideas are widely discussed in many startups as the most promising roads to go down. In particular, the Internet of Things brings innovations in such spheres as:

• Healthcare
• Agriculture
• Retail
• Manufacturing
• Building
• Smart home

Read: Using IoT-based irrigation systems in smart agriculture

Some of the most prominent benefits among those that IoT innovations offer for businesses and common users are:

The Internet of Things allows all devices within an area to communicate and share data via short-range networks – these include Bluetooth, RFID, ZigBee, and others. D2D-communication fuels a broad range of applications:

• Remote patient monitoring and e-medicine solutions;
• Proximity services for retail;
• Vehicle-to-vehicle communication in the automotive;
• Disaster relief technologies;
• Cleantech and an increased role of IoT in smart grid solutions.

Paired with blockchain applications, smart devices will be able to self-monitor and function with no human supervision. A decentralized IoT system can be fully automated and function based on the logic of the industry.

Another way to securely exchange data between devices is by implementing the following framework: a device requests data from a different one and pays a micro fee for receiving it. In this scenario, human supervision or consent is not required for a transaction to be processed.

The IoT-connected gadgets will inform the user about the current status of the task, as well as possible malfunctions. This significantly reduces the possibility of critical breakdowns that may arise from a minor fault.

Sensors today are so cost-effective that they’re mounted almost everywhere. That brings increased access to any data. You can see where your shipment is, what the temperature is within the container, or when the product will reach the shelf. The transparent supply chain helps businesses make better decisions in time to save money and avoid fines and force majeure situations.

This advantage is also extremely important for the healthcare industry. Not only can the machine collect datum, but it also automatically processes it, analyzes it, and even offers solutions.

IoT enables devices to exchange information on their own. This automates many processes, from automatic messages to first responders (as an alternative to 911 services) to the “smart fridge” which orders necessary products from the grocery store.

Collected data can be automatically transformed into a convenient format for human or machine analysis (for example, a graph or chart), put it into a database, and store until needed.

These are not all IoT opportunities. The technology has almost unlimited potential, so it can be integrated into the vast majority of spheres of human life to improve and automate processes.

Almost any business can benefit from the Internet of Things. Here a few popular IoT project ideas that can make a startup profitable and valuable for a wide audience.

There are IoT devices that greatly simplify the control over the treatment of the patient, as well as the progress of a person who is engaged in fitness training. Bracelets or pads equipped with sensors can control a number of biometric parameters, for example:

• Blood pressure
• Pulse
• Heart rate
• Respiratory rate

All this information is transmitted to the attending physician or coach who can then monitor the current state of the client and their results.

After successful smart buildings examples, whole smart city Internet of Things projects began to appear. There are a lot of IoT startup ideas for using such systems. For example, roads covered with solar panels to create a high-quality, smooth coating and obtain energy that can be used to illuminate the road, traffic lights, etc.

“Smart traffic lights” and “Smart stops” are also common solutions that use IoT technology. Devices of the first type are able to choose the intervals between the red and green lights, depending on the congestion of the streets in a given period of time. Smart stops allow passengers to get important information such as the number of bus routes, their directions, intervals, etc.

IoT is able to significantly increase the security of objects and protect property from unauthorized access. Smart security systems include cameras and sensors that can not only detect movements or sounds but also determine who is on your property at any given moment of time.

Today, we observe the increasing use of IoT in precision agriculture and smart farming. For example, in animal husbandry, RFID tags allow to immediately identify any animal, get all the necessary information about it, and determine where it is at the moment. Smart equipment such as driverless tractors is able to move independently and arrive at the place exactly when needed.

Though IoT technology is just beginning to be widely adopted in different industries, there are already many real life applications to the wide selection of Internet of Things business ideas. The amount of IoT startups grows literally every month, and will only continue to do so in the future.

The agricultural startup from Sao Paulo suggests a new method of monitoring cows with the use of IoT. The product has great prospects for using in agriculture around the world. Each cow is implanted with a special chip that constantly monitors the animal’s condition and location, and sends data to a mobile application. For example, when a cow gets pregnant, the mobile app predicts the estimated date of calving. If the cow starts giving less milk than planned, the farmer is able to quickly learn about it via the application.

This system is a hybrid of a doorbell and peephole. Guests don’t need to press a button for SkyBell to work. They just need to stand in front of the device, and it will notify the property owner via smartphone app that the visitor is at their doorstep.

SkyBell even allows you to talk to guests who are near the smart gadget. The system tracks absolutely everything that happens at the front door. The device perfectly “sees” both in the light and in the dark. Skybell can be installed on any type of door made of any material. This system is already available.

Particle is an IoT platform that helps businesses and organizations all around the world to deploy IoT systems by using ready-to-go hardware, software, and connectivity solutions offered by a platform.

More than 150,000 product manufacturers in more than 170 countries and half of the Fortune 500 have deployed IoT devices using Particle. Among Particle’s clients are NASA, SpaceX, Jacuzzi, Root Ventures, Spark Capital, and Qualcomm Ventures.

The Samsara project offers a new kind of smart camera. In addition to their direct function – video recording – these devices have another major advantage. They are able to detect an obstacle on the road and immediately notify a driver.

Not only does the camera detect the presence of an obstacle (for example, another car or pedestrian), but it also determines the distance from it and beeps if the situation becomes dangerous. Smart cameras can make traffic much safer for both cars and pedestrians.

Smarter develops smart IoT devices mostly for kitchen applications. You can manage them within a special mobile application. Using a Smarter refrigerator, you will always know how many products are left, and what these products are.

The Smarter kettle is able to boil water when you send it corresponding command via the app. The Smarter kitchen can prepare coffee for your arrival. To do this, you only need to set the desired time.

The Molekule company offers an innovative way to deal with cleaning your room – the startup has developed a device that can destroy dust at the molecular level.

Other solutions on the market today only collect particles (leading to decay into molecules), while the Molekule gizmo destroys them, making your room completely dust-free.

This device also synchronizes with smart home systems. It can be connected to Wifi. To enable, disable, or change the settings, the user can use a mobile application.

Kinsa managed to collect 9.6 million dollars of investments for its unique smart thermometer. The device has already been tested and approved by the FDA (Food and Drug Administration). The thermometer synchronizes with the mobile application, and after measurements are done you get the precise result in your mobile app. Unlike traditional thermometers, which require a few minutes to get an accurate measurement, the Kinsa product shows results in only 10 seconds.

IoT is already bringing a lot of new things into our lives. Thanks to this still-developing technology, it’s easier to solve urgent problems, make transactions, travel, take care of our health, and even make purchases. Join the new world with Digiteum.

Our company offers IoT software development services. You can make your IoT business opportunities even more promising by choosing our team. We can help you design and develop software that will make a difference. Contact Digiteum to learn more about our services and get a consultation on how we can help you with your IoT business ideas!