How to Implement IoT in Your Business and Succeed?
The Internet of Things (IoT) assists smart devices in communication that enhances humans’ lives, simplifying different everyday duties. Moreover, such cutting-edge technology as IoT provides entrepreneurs with a chance to optimize commercial operations and get more profit. The enormous pool of advantages this technology offers has resulted in its fast growth on the market.
This post is prepared for you to find out the IoT commercial potential, analyze market data, get inspired by successful tech implementation samples, and learn other essentials.
IoT Influence on Businesses
These are the most widespread reasons to implement IoT in your business routines and boost them.
A large number of uses
Companies actively use the Internet of Things as it gives them an opportunity to leave competitors far behind and provide their customers with a superior UX. How does it happen? The Internet of Things pushes the evolution of smart homes and cities, Industry 4.0, e-health, and so on, enhancing their functioning and capabilities for a wide range of business industries. For instance, B2B marketplaces apply to Industry 4.0 to connect straight to their products in the field, track whether they need predictive maintenance, and perform such maintenance when required.
Company advancement
The global Internet of Things’ market profit for 2021 is $212 billion. Within seven years, the number of businesses using IoT technology has increased from 13% to almost 25%. Furthermore, the number of IoT-connected devices is expected to increase to 43 billion by 2023 and 75.44 billion by 2025.
As IoT is currently integrated into over 200 widely-used business apps, we can see the following results of its use: IoT-based software offers a better customer experience to its users and enhances different business industries connected to their sphere of activity.
Continuous progress
Global digitalization helps the Internet of Things encompass more and more business domains. By 2022 year-end, investments in the IoT technology are expected to grow by 13.6%, which is caused by the development of better computer power, new sensors, and secure mobile connection. Sensor technology integrated into the Internet of Things will be less expensive, more reliable, accessible, and upgraded. This kind of solution will offer capabilities for widespread detection, tracking, and monitoring.
Real-time analytics and AI-based applications can move data from local devices to cloud and edge computing systems. The Augmented and Virtual Reality integration into apps will also be possible thanks to enhanced mobile connection and 5G.
IoT as a Powerful Business Opportunity in Resolving Global Issues
The Internet of Things’ effectiveness in addressing today’s environmental concerns shouldn’t be underestimated. IoT benefits have the ability to not only boost business but also to enhance living conditions and handle different global issues negatively impacting our society. Let’s discuss some environmental issues that IoT might help solve.
Climate change. It’s caused by inefficient power management, polluted air, toxic industrial wastes, and other issues. These parameters can be tracked and managed with IoT’s assistance.
This technology can be a reliable helper in measuring air pollution, regulating energy consumption, analyzing negative consequences, and minimizing CO2 emissions by controlling traffic. As a consequence, such technology helps to reduce greenhouse gas emissions and successfully mitigate climate change consequences.
Waste handling. A possible resolution of such a problem will be a smart city with intelligent waste management. Using particular sensors on trash cans to track the quantity of garbage generated can help in this issue’s solution. When the trash cans are full, sensors show it and suggest how to plan a waste collection. Thus, the Internet of Things may be able to contribute to environmental improvements.
A water shortage is another danger the world faces: according to the United Nations, 1.8 billion people will experience a water crisis by 2025. Being able to track and identify pipe leaks, the Internet of Things integration significantly reduces water use by around 50%.
Another wonderful IoT-based option to solve this problem will be intelligent irrigation sensors.
Concerns about agriculture. One of the fantastic IoT use samples are sensors assessing soil conditions, plants, weather, and plants combined with farm infrastructure.
Agriculture is a resource-intensive industry also having an impact on our environment. Nutritional requirements change with the population growth, which responds to consumer demands. That’s why the agricultural domain seeks solutions that will help it increase output while conserving resources, and IoT can be one of them.
Linked wildlife. The Internet of Things offers a way to save endangered species of animals. IoT successful applications have already contributed to the rescue of certain wild creatures (e.g., the Iberian lynx and African rhinos). They have been rescued with the help of collars and drones to track their movements, considerably assisting conservation efforts.
Apart from helping the environment, IoT technology helps us handle daily problems in the cities. Let’s consider the most common examples.
Smart cities present you with an opportunity to accomplish everything you want. The best aspect is that the market is nearly untouched; therefore, you can become a pioneer in IoT. So, where can it be applicable? You’ll find it out right now.
- Solar routes are a set of reusable and detachable panels made of cost-effective materials. These panels are solar-powered and offer a variety of benefits: alerting drivers about obstructions and animals on the route, increasing visibility with LED lights that serve as road markings, and aid in traffic management.
- Smart bus stations display traffic information. Moreover, they can also be interactive, turning on and off the air conditioning and heating according to whether or not there are people at the bus stop.
- Traffic controllers are represented as various sensors that might be utilized to forecast potentially harmful scenarios on the roads. For instance, they can keep track of the number of vehicles on the road and redirect approaching ones to alternative routes.
The list of how IoT technology may be used as an upgrade in our life is countless. Smart stores, traffic signals, railway crossings, and even sensors listening to the sounds in the city and categorizing them based on their volume are all examples of smart city technology.
IoT Trends For The Near Future
Reading the above info, you can see that the technological route to company enhancement is a very promising one. Let’s dive deeper and find out the trends prevailing on the market which might serve as the Internet of Things company ideas.
Big Data & IoT
Big data existed long before the Internet of Things. However, data gathering and processing are the main operations for the Internet of Things concept. When it comes to IoT principles being applied to every aspect of human life (e.g., housing, transportation, medical care, and so on). Big Data collection opens up new possibilities for introducing your customer to delightful experiences they could never have considered before.
Such a large data flow needs a greater level of computing capability to assess and process data in real-time. Furthermore, several new generation analytical systems promote the use of GPU-powered databases to manage enormous volumes of data with less hardware.
Machine Learning & IoT
As the Internet of Things expands, more gadgets will enter our lives, necessitating increasingly sophisticated machine-to-machine communication. Machine learning is helpful to develop improved predictions regarding the outcome of various circumstances, which is a question of life and death (particularly in medical or road traffic safety).
Companies take numerous advantages from IoT devices’ incredible capacity to become smarter over time. Long before a human eye could identify minor deviations from the usual, the system can detect them. Furthermore, for certain businesses that utilize expensive equipment, where failures cost millions of dollars, accurate maintenance forecasting offers significant cost savings.
Blockchain & IoT
As data collection is so vital in IoT activity, it must be protected throughout its life cycle. Controlling data in these circumstances is difficult since it will flow over several borders and regulations. This complication exemplifies the difficulties in making IoT secure.
Because the IoT strategy is new, traditional security solutions cannot be used because they do not provide enough system protection. Blockchain is the answer. This approach is safe, clear, and effective.
Now let’s look at the examples of IoT-based company concepts with real-world applications for 2021.
- SkyBell is a cutting-edge tech way to meet the guests. It may be activated without the need for pushing a button: people just need to remain in front of the appliance for SkyBell to notify the house owners via the app. You may also have conversations with visitors by SkyBell. The system displays the front entrance and all actions that occur there whether it’s day or night.
- BovControl from Sao Paulo is an agricultural system. They deal with IoT to track cows. This method became real by implanting specific chips in cows that continuously track the cow’s health status and provide the data to a mobile app. For instance, in case the cow becomes pregnant, BovCow can predict when she will give birth. Alternatively, if the volume of milk received falls, the farmer may quickly determine the cause using the system’s data.
- Particle company created a full-fledged platform beneficial for organizations of all sizes to deploy the IoT-based product. It specializes in providing specialized equipment, technology, and integration services. NASA, SpaceX, Jacuzzi, Root Ventures, Spark Capital, and Qualcomm Ventures are among its well-known partners.
- Samsara‘s central concept is a revolutionary smart camera system. Aside from a simple video shutdown feature, its significant functionality might be valuable in increasing vehicle safety. A special camera may identify a potentially dangerous object on the road and alert you immediately. Aside from detecting an item, which may be another vehicle or a person, it also estimates distance and beeps to prevent automobile accidents. This way, the intelligent camera can help pedestrians and cars avoid a variety of risky scenarios on the roadway.
IoT Use in Different Business Sectors
There are so many IoT business ideas to employ for your business development that a book could probably be written to discuss them all. That’s why we’ve selected the most exciting and forward-thinking Internet of Things market opportunities.
IoT in the Retail Industry
Some shops in China and the United States have already embraced IoT and offer a multitude of choices to their consumers. For instance, when people leave a store with specified items, their bank accounts are immediately debited. In addition, IoT technology will enable your mobile device to display the position on a map of the shop you visited the other day.
Toys and the Internet of Things
Toymail company already manufactures toys with built-in talkies. A user must first download specific software, then purchase a toy and give it to a child. Talkies allow a person to transmit and receive messages from their children. Even if you’re at work, this is a terrific way to stay in touch with your child.
Adding sensors to toys is another way to use them. If you have kids, you’re undoubtedly aware of how difficult it is to take their temperature. A thermometer toy will help you handle this task.
The Internet of Things in Fitness and Healthcare
Fitness devices are Internet-connected since they communicate with our cell phones. But the Internet of Things (IoT) goes even beyond.
For example, you can accomplish a lot more by collaborating with a healthcare software development company that will create a powerful EHR digital product and synchronize it to the IoT-connected fit bracelet. Such devices’ most apparent capability is to transmit data about your heartbeat to a medical facility or straight to a doctor.
Let’s think a little bit more. What about a gadget that transmits information about your workout to your smartphone, calculates the nutrition you require right now and syncs it with your smart fridge, which delivers information about the available items? Such an app may provide recipes depending on your workout intensity and other factors.
Healthcare has even more Internet of Things business prospects. For instance, we can drastically cut the average time a person spends on a visit to the hospital if we combine the IoT technology with current gadgets, starting with arranging an appointment (a process that can be readily accomplished by your smartphone even without your supervision) and ending with leaving a hospital.
Customer appliances and the Internet of Things
Customer appliances are the final but not least item on our hit list. It is a broad term in which everything that offers pleasure and delight to our clients may be included. Smart houses, smart offices, smart entertainment, and so on are all examples of intelligent technology.
We suggest that you design a product that will simplify your users’ lives. For example, have you heard of Bluetooth trackers, which may be used to locate keys, iPhones, or even a dog? How about a smart refrigerator generating a shopping list based on available edibles? Or mood trackers that select music to help you relax or energize you?
Consider the monotonous and routine tasks you despise doing daily – IoT implementation can make them enjoyable.
How to Implement IoT in Your Business? Tips to Consider
IoT is an innovative instrument of your business enhancement. How can you integrate it into your company flows? We’ve prepared some tips to find out.
- You should constantly keep your target audience’s pains and needs in mind when maximizing the efficiency of such fantastic technology as IoT.
- Represent a clear IoT-based product goal and value – from “a smart meter assisting clients in controlling their energy use” to an “end-to-end environmental management system for business use.”
- Don’t make another replica of existing products because they will not be in demand. Instead, collaborate with the authors of related projects and effectively combine your goods to give customers a more efficient and high-quality solution.
- You should give increased scalability before launching your IoT-based software. As a result, if a user’s workload grows, the platform will handle it. For this purpose, you should choose a cloud architecture.
- Because the Internet of Things industry and new business prospects are always evolving and expanding, the market study should be performed at all the development stages. Thus, your solution will become more relevant, competitive, and sought-after.6. Get as much as possible from your data. Are you benefiting from it? Consider further ways to effectively use data for your tech company: perhaps you’ll come up with new monetizing methods, or you might supply your users with more insights that they’ll find valuable.
Wrapping Up
IoT implementation into your business flows is a complex procedure, and we described only its essentials. To learn more about it, you can apply to an experienced custom software development company. The IT professionals will give you an in-depth consultation due to all your business questions (even the disturbing ones) and help you build an IoT-based product that will be modern, competitive, and profitable on the market.
Let us know what you know more about opportunities with IoT for business growth in 2022 in the comment section below.
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ABOUT AUTHOR
Vitaly Kuprenko is a writer for Cleveroad. It’s a web and mobile app development company with headquarters in Ukraine. He enjoys writing about technology and digital marketing.
