Chasing new business ideas we understand that innovations are a way up. Super fast computers, massive websites, cool mobile applications, and even wearables became trivial and mundane. So what next? IoT. Yes, that's right smart devices connected with each other and cloud servers are going to make our lives better, more comfortable and can be easily applied in almost any business sphere increasing revenue and bringing lots of benefits.
IoT Trends in 2019: Which One Will You Use for Your Startup?
How does IoT impact businesses?
First things first. I am going to show you some statistical data to persuade you that the IoT is what you need, despite the fact that I have no idea what type of business you are in. Here's why various businesses are adopting IoT technologies and the future of internet of things is very promising:
IoT impact on businesses
Impressive, huh? Here's more. Brain & Company is one of the world's leading management consulting firms, claims that the revenue from the sale of IoT devices will increase to $450 billion by 2020. In 2015 there were about 10 billion devices connected to the Internet, by 2020 there will be more than 34 billion. About 90% of business owners who took part in the survey are thinking about IoT implementation and 20% are ready to invest into the technology.
Having this data on hands you can already calculate how your income will increase if you use internet of things startup ideas for yourself.
Internet of things future trends
After you have seen this amazing data and made sure that IoT is a very promising path, I suggest you getting acquainted with this innovation a little bit closer (you can read about it in our previous article about the IoT concept) and discover what trends are prevailing now on this market and what aspects should be taken into account before you start the implementation.
Future of the IoT
#1. IoT and big data
Big data appeared long before the IoT. But the whole concept of the Internet of things is about data gathering and processing. IoT devices are built on the basis of special chips which main purposes are to track users' activity.
As far as the IoT ideas are going to be applied to every sphere of human's lives, like houses, transport, medicine, education and many other things, Big Data gathering opens new opportunities to introduce your customer to great experiences which he or she couldn't even imagine before.
Such a massive data flow requires another level of computing capabilities to analyze and process data in a real time mode. Along with that, we see that some new generation analytical platforms are offering to use GPU powered databases to process vast data using minimal hardware.
#2. IoT and machine learning
As IoT devices collect so much data why not to use it to teach the system? IoT boost brings more and more devices into our lives, and as a result machine to machine, communication has to become more and more advanced. Machine learning is needed to make better predictions about the outcome of different situations. It is a matter of life and death if we apply it to medicine or road traffic safety. Usual analytics are static, whereas Machine Learning algorithms constantly improve. The ability of IoT devices to interact with other appliances makes it even easier because of training one, you train them all.
This fantastic ability of IoT devices to get smarter over time is extremely useful for businesses. The system is able to detect minimal deviations from the norm long before a human eye could detect them. For some companies that use expensive equipment, which breakages lead to millions in expenses, precise maintenance prediction means huge cost savings.
#3. IoT and Blockchain
Because data gathering is so essential in IoT work, it means that this data has to be protected throughout it's life cycle. Data management under all these conditions is a very difficult task as it will flow across many boundaries with different policies. This complexity shows all the challenges to keep IoT protected.
The IoT approach is new and old security technologies cannot be applied here as they don't guarantee a proper protection of the system. The answer is Blockchain. This method is secure, transparent and efficient.
Still believe that Blockchain is not for you? Read how you can apply Blockchain to your business in our research
In plain English, Blockchain is a constantly growing database. The database is distributed which means there is no main computer. The three main advantages of the approach are: it is public, decentralized and secure. The Blockchain is a missing piece of a puzzle that brings IoT to a new level.
IoT business opportunities
There are so many IoT business ideas which you can use to build your business or a startup with that it would probably need a book to be written to describe all of them. That's why we choose 10 of the most promising and innovative Internet of things business opportunities. Here they are:
Internet of things business ideas
1. Medical and fitness spheres
Fitness wearables are not new to us and it seems that they are connected to the Internet as they communicate with our smartphones. But IoT goes further. A fit bracelet connected with the IoT system and syncing, let's say with EHR systems, can do much more. The easiest and the most obvious ability of such devices is to pass data about your heartbeat to a medical establishment or to a doctor in an emergency occasion. But let's think outside of the box. How about a device that passes information about your training to your smartphone which calculates the nutrition you need to eat now and synchronizes it with your smart fridge which sends information about the products available. For instance, such an app can offer recipes based on the intensity of your training and many other things.
The medical sphere is even wider. Hospitals are nice places to be improved. I am sure I'm not the only person on this planet who hates hospitals and when I get there I have only a strong desire to leave the place as fast as I can. If we add IoT technologies here along with modern devices we can reduce the average time a person spends on a visit dramatically, starting with making an appointment (the task can be easily performed by your smartphone even without your supervision) to leaving a hospital.
Security matters. Read how to secure your medical app using the best technologies.
2. Industrial internet of things
If you don't have an idea for your business here's a tip for you - think about a common problem in a workplace and try to think of it's solution with the help of IoT technologies. In such a case your business idea would be easily sold. For instance, a problem which we've already mentioned - breakage detection. As well as that, various sensors which help collect environmental metrics to optimize workflow.
3. Smart cities
This is a vast sphere where you can easily implement everything that you like. The best part is that the niche is almost empty so you have every chance to become a pioneer. Here are some of the concepts worth mentioning:
They are reusable and removable panels made of cheap materials. The panels use solar energy and have lots of advantages. For instance, they can warn drivers about obstacles and animals on the road. They have led lights that improve the visibility, can be used as a carriageway marking and help control traffic. Here is a short video about them.
Various sensors could be used to predict dangerous situations on the road. They can track the number of cars and redirect upcoming vehicles to different roads.
They can not only show the information about traffic but also be interactive, turn heating\air conditioning on and off when there are people on the bus stop and when it's empty.
They are just some of the examples because every device and aspect of city life can be modernized and improved with the help of IoT technologies. Smart shops, smart traffic lights, railway-crossing, and even sensors that listen to the sounds in the city and classify them according to the volume of sound. Such sensors can be taught to define gunshots and pass data to the nearest police department.
4. IoT toys
Yes, that's right. Toys are the things that our kids never forget about and it is a great idea to use them for interaction with kids. Toymail is a company that already produces toys with talkies inside. What a user has to do is to download a special app, buy a toy and leave it with a child. Talkies allow a user to send messages to a child and get replies. This is a great way always to be near your child even if you are at work.
Another way to use toys is to add sensors into them. If you have children you probably understand how hard it is to take their temperature. With a thermometer-toy the task doesn't seem to be a problem any more.
We can assume that cars have already become smart. The fact that soon we are going to be driven by self-driving cars is a fact not a fiction. So don't lose your chance to make your contribution to the future.
Nowadays the biggest and the most urgent problem of all car owners is security. Security when a driver is in a car and when he or she isn't. Multiple built-in sensors can easily identify a driver defining such parameters as weight, height and arm length. If these parameters don't match the IoT car locks itself immediately. As well as that, sensors can also improve security on the road, when a driver is in a car. Simple distance measurements between cars can save lots of lives.
6. Territory IoT monitoring
In farming, IoT devices can do lots of tasks. They can measure the soil humidity and control the water supply. They can control how ripe fruit and vegetable are and inform the farmer about harvesting time and so on. Smart approaches reduce costs and advances forecasts, planning and harvesting processes.
Infrared cameras and air filters can save our forests in summer time. These appliances are commonly used in countries where this problem is not an empty phrase. If we combine and improve weather forecast systems with these sensors we can do the same.
If you are in the farming business, you should read our article about the best applications which will make your farming business smarter
7. Customer appliances
And the last but not the least point in our hit parade is customer appliances. It is a wide concept where you can put anything that brings comfort and joy to our customers. Smart homes, smart offices, smart entertainment and so on.
Here we will recommend that you create a product to make users' lives easier. Have you heard of Bluetooth trackers which help find keys, smartphones (or a dog if you like)? What about a smart fridge which makes you a shopping list based on available products? Or mood trackers which choose music to relax or vise versa, energize you? Think about mundane and routine things which you hate doing every day and imagine how to make these things more pleasant to do.
For instance, Postscapes a company that develops various sensors and IoT devices offers these types of appliances. Personally, I have already ordered a smart bike lock which works with an app via a smartphone.
More details about what the IoT technology is, watch in our short video
IoT technologies and developments are created to make our lives easier and more comfortable. They're all useful. If you have an Internet of things business idea that can make people's' routine less tiresome and improve general living standards then contact us and we'll do our best to turn your idea into a reality.