By chasing new business ideas, we see that innovations are a way ahead. Fast computers, well-designed websites, cool mobile apps, and wearables became an everyday thing. So what comes next? It’s IoT that does. These are smart devices connected and cloud servers. And they are are going to make our lives easier and more comfortable. What’s more, they can be applied to any business sphere bringing lots of advantages and profit to its owners.
Let’s find out how exactly IoT impacts business, and what are its trends and opportunities.
How IoT Impacts Business
But first, let’s check why various businesses are adopting IoT and why it looks so promising.
Looks great, right? Now, to real-life examples. Brain & Company (one of the leading management consulting firms in the world) claims that the revenue from the sale of IoT devices will reach $450 billion by 2020. And more than 34 billion devices are expected to be connected to the Internet.
For now, about 90% of business owners who took part in the survey think about implementing IoT, and 20% of them are ready to invest in the technology.
Future IoT Trends
Now, let’s get a little bit closer to the innovation and find out what IoT trends prevail. And what to consider before adopting the technology.
IoT & Big Data
Big data showed up long before the IoT. Still, the very concept of the IoT is about collecting data and processing it. Internet of things devices are created based on special chips that track users’ activity.
And as IoT is going to be applied in every sphere of our lives (e.g., houses, transport, education, medicine, and so on), big data opens new opportunities.
A massive data flow requires an entirely different level of computing capabilities for real-time data analyzing and processing. Moreover, some new analytical platforms offer to use GPU powered database for treating a significant amount of data with minimal hardware.
IoT & Machine Learning
As the Internet of things devices collect this much data, why not use it to teach the system? IoT technology brings more and more tools, and machine-machine communication becomes more and more advanced. Machine learning helps with making better predictions about different situations outcomes. Usual analytics are static, while machine learning algorithms continuously improve.
The ability of IoT devices to become smarter in time is handy for businesses. This way, the system can detect minimal deviations from the norm before staff members can identify them. For instance, companies that use expensive equipment save huge sums before precise maintenance prediction.
IoT & Blockchain
As mentioned, data gathering is essential in IoT work, which means that this data should be safe throughout its life cycle. And data management under these conditions turns into a quite challenging task as it flows across mane boundaries with different policies. So it’s right for us to wonder if the IoT devices are completely secure.
As the IoT approach is entirely new, old security technologies don’t work here – they can’t guarantee full protection of the system. But Blockchain, which is a secure, efficient, and transparent tool, can do that.
Simply put, Blockchain is a continually growing distributed database, which means there’s no main computer. The main advantages of the technology are security, publicity, and decentralization. So Blockchain is the missing part that brings IoT to a new level.
What Opportunities Does IoT Bring to Business?
There are lots of the IoT business opportunities you can use for your own company or a startup. But I’ve decided to discuss seven of the most promising business ideas.
1. Medicine and fitness
Fitness wearables are not something new, and it may seem that they are connected to the Internet. Otherwise, how would they communicate with our smartphones? But IoT goes beyond, and fitness bracelets connected with the system can do much more. For example, it can pass data about the owner’s heartbeat to a hospital or a doctor when it comes to emergencies.
Or how about a device that sends information about your training to your mobile? Calculates the nutrition you need to eat and synchronizes with your smart fridge?
When it comes to IoT healthcare solutions, the technology works even better. And it works during all the hospital visits – from making an appointment to leaving the entity.
2. Industrial IoT
If you don’t yet have a business idea, here’s tip – think of common issues in the workplace and try to imagine how they can be solved with the help of IoT. For example, a breakage detection or implementation of various sensors that help with collecting environmental metrics.
3. Smart cities
Here are some of the concepts:
- Solar roads. Reusable and removable panels made of cheap materials. They use solar energy and have several advantages. For example, they can warn drivers about obstacles on the road.
- Traffic controllers. Sensors can be used to predict dangerous situations on the road. They track the number of cars and redirect vehicles to other routes.
- Bus stops. New stops not only show information about traffic but are interactive, can turn heating or air conditioning on/off depending on whether there are people on the stop.
And these are just a few examples that can be improved and modernized with the help of IoT. Shops, traffic lights, railway-crossing – there are indeed no limits for smart devices.
Toymail already makes smart toys. All to do is download an app, buy a toy, and let children play with it. Talkies allow users to send messages to kids and get replies, so that’s a great way to communicate with your child when you are at work or far from home.
Today’s cars are already brilliant. But there’s always room for improvement. For now, the biggest challenge for car owners is security – when the driver sits in the car or when they are out.
Built-in sensors identify the driver by such parameters as their weight, height, and arm length. And when they don’t match, the car locks itself right away.
6. Territory monitoring
IoT can significantly help in farming. It helps with measuring the soil humidity and controlling the water supplies. The technology can even control how ripe fruits and vegetables are and inform farmers about the expected harvesting time.
Infrared cams and air filters can even save forests in the summer time. And these devices are already widely used in countries that experience such issues.
7. Customer devices
And the endpoint of the hit parade is customer appliances. It’s a broad concept where we mean anything that brings comfort and joy to users: smart homes, offices, entertainments, and many more.
For instance, it may be a Bluetooth tracker that helps find keys, smartphone, or any other thing you like. Or a smart fridge that offers recipes and makes a shopping list based on available products? With the IoT, mundane and routine tasks become more pleasant, and everyday life – more fun and convenient.
IoT technology and development are here to make out life more relaxed and full of comfort. All these devices are useful, and if you have your idea that improves general living standards – maybe it’s the right time to turn it into reality.