IoT (Internet of Things) business opportunities
“The Internet of Things has the potential to change the world, just as the internet did. Maybe even more so.” – Kevin Ashton
If any device can be connected to the internet & interconnected with other things or gadgets wirelessly, then the entire system is termed as IoT or Internet of Things. The things in this system can transmit and receive data with each other.
IoT enables smart work and smooth management of life. It aids in improved business process insights. It also helps in cutting down operational costs & downtime as well as enhances overall efficiency and productivity.
IoT is a profit promising arena for start-ups as well as existing companies.
The smart home also known as home automation or domotics is the most popular application of IoT. It is all about controlling the electrical & electronic devices of the home either automatically or with a centralized device that has an easy-to-use interface or with a smartphone, tablet, or computer. It has a huge array of products such as:
- Smart Lighting Solutions
- Smart Home Security
- Smart Sprinklers
- Smart Pet Care
- Smart Entertainment Devices
- Smart Home Appliances
Smart homes are popularizing these days as they make life smooth, convenient, comfortable, and safe. It also helps in making efficient use of resources like energy & water.
Ever since the coronavirus pandemic hit the world, companies could no longer carry their office work in their traditional office settings. Many companies have proposed to execute ‘work-from-home’ post-pandemic too, to cut down their overhead costs. Applying IoT for a smooth remote work process helps the employees to do their work without being physically present in the office. It also allows the management to monitor the performance of employees no matter where they are. With the revolution of remote work, there is a huge scope of IoT business in this arena.
There is a huge demand for remote healthcare, especially at the times of pandemic, when there is a problem of shortages of beds in the hospitals, almost in every country around the world. With IoT, remote patient monitoring is feasible. With the aid of cloud-connected IoT devices, healthcare professionals can track the real-time data of the patients, based on which they can diagnose them precisely & give them the right healthcare in a virtual way.
IoT solution is a blessing for senior citizens, as it helps them to be safe & independent. IoT-based wearables have an accelerometer in them to automatically detect falls, with a provision to contact emergency help. These wearables are waterproof that can be worn to the bathroom where the majority of accidental falls tend to happen. IoT devices help the caretakers of the senior citizens to remotely monitor blood pressure, blood sugar levels & pulse rates & ensure that they take their medications as prescribed without fail. IoT-based devices help the elderly who can not move around the house to control switches, A.C., thermostat, door locks, etc. just at the place where they are. With an increasing number of senior citizens living on their own, there is an enormous opportunity for IoT business for elderly care.
IoT is applied in the manufacturing industries to enhance the speed of the workflow while maintaining its quality thus productivity of the workers is improved. It helps in cost-cutting as well. IoT is also applied to keep track of the quality of the products produced. This supports appropriate modification of the manufacturing process for optimal output & eliminates any chances of failure. This is particularly helpful for the industries that can not take any chance in their product quality such as food industries & pharmaceutical industries.
IoT assists in predictive maintenance or determining machinery will break-down before it does. This helps in cutting down the operational expenses significantly.
IoT solutions in the Agricultural industry is specifically helpful to get high yields and profits. IoT-based smart farming solutions have sensors that keep track of the factors that impact the crop yield such as light, humidity, temperature, soil moisture, etc. Thus farmers can monitor the condition of the growing crops remotely. Also, these IoT based devices employ an automatic irrigation system.
Ground-based and aerial-based drones help in-field analysis, plantation of crops, evaluation of crop health, irrigation, spraying process of fertilizer & pesticides, etc. IoT in Agriculture is massively evolving & has an excellent prospect for business.
IoT solution in the hospitality industry cuts down costs & enhances the guest experience. Hotel rooms that have smart lights, smart thermostats, smart A.C. just as smart homes do, make a very convenient & comfortable stay for the guests, particularly when these features can be controlled by their mobile phones. With the use of IoT, hotels can send guests, digital key cards to their mobile phones. Apart from that hotels can offer their guests, IoT-enabled voice-controlled room assistant, for requesting room service, booking a table at the hotel’s restaurant, simply by speaking to the device.
In the energy industry, IoT is applied to keep an eye on the energy generating equipment, to improve its functioning, competence as well as to maintain it smoothly. Applying IoT for these applications make it easier than the manual method apart from reducing the downtime & enhancing the operation efficiency. IoT solutions in the energy generation unit, prevent possible operational risks by sensing & notifying any damage or leakage in the plant. Thus, helps to keep both the powerplant and the people safe.
IoT business is all about delivering innovative value to its customers by offering round the clock connectivity to the customers with IoT solutions. IoT, by revolutionizing all the sectors of life today, brings in numerous profitable business opportunities in the coming times.