Hey Alexa, turn the lights on!;’
Do you ever wonder how Alexa is able to make things so well by herself?
Together with artificial intelligence (AI), machine learning, and cloud technology, IoT is something that brings intelligence to Alexa.
The Internet of Things (IoT) will radically change the way we live and work in the 21st century, as more and more devices will be connected to each other.
According to a published report by Statista, the Internet of Things market in 2022 will be worth 496.6 billion U.S. dollars. By 2030, that market is expected to grow to 1058.3 billion U.S. dollars.
Image Credit: www.statista.com
It has become more and more apparent that IoT technology will become an important economic driver for many businesses as time passes.
Those who are considering joining the IoT bandwagon should keep reading to the end of the blog.
In this blog, we will share with you the most popular IoT business ideas for 2022 and beyond. But first, let me tell you a little about how IoT can benefit your business and its future.
As the name suggests, the Internet of Things refers to a network of physical objects that are linked together through sensors, software, and other types of technology for sharing information with other devices.
IoT technology is already being used in many scenarios, such as wearable fitness trackers, voice assistance such as Alexa & Siri, smart cars, smart home appliances, etc.
The main features of the IoT can be described in the following two ways.
In light of the above-mentioned features, IoT must employ several technologies to ensure human interference-free data transmission and response between multiple devices. In order to achieve automation, technologies such as artificial intelligence, big data, and machine learning are used. Wireless communication and cloud computing technology are used to ensure flawless connectivity.
As we will see below, these two characteristics of the Internet of Things can lead to a variety of benefits for your business.
Thanks to the automation IoT development solutions bring to businesses, routine manual activities can be done automatically, enabling business personnel to focus on more complex tasks that need human interaction.
As a result, the cost of running the business can be brought down by cutting the number of human resources required to operate a business.
Another benefit of the IoT development services for businesses can be seen as efficient operation management.
As a result of the interconnection of smart devices, businesses will be able to automate numerous business operations such as inventory management, shipping tracking, fuel management, spare parts management, and more.
A business that knows everything about its customers has a better chance of becoming successful.
Here is where IoT has a great deal to offer businesses.
The Internet of Things gathers and analyzes a wide range of data about your customers, so you always have an in-depth understanding of them. Utilizing this data, the company can provide clients with a more customized experience that will result in client satisfaction. A satisfied client base means steady revenue for the company.
Whether it be machinery, equipment, or any other tool, IoT services can track it all. The Internet of Things will link all the assets used in a business, and give those business authorities real-time views into those assets.
The IoT can detect any problem in the business machinery in time and inform the concerned authority to fix the problem. By doing so, businesses are able to keep track of all their assets and take appropriate actions to ensure the assets operate flawlessly.
Business of every scale is concerned about the issue of security. Business operations can be hindered or even shut down by the theft of intellectual property or physical assets.
IoT-based alarm systems and smart cameras can be applied to your business to prevent theft by employees as well as visitors. Smart cameras can detect suspicious activities and send alerts to concerned persons to prevent theft.
The Internet of Things holds the potential to create limitless possibilities in the future. IoT offers the promise of not only enabling billions of devices to work simultaneously but also automating diverse business operations by leveraging the huge volume of data.
Here, we attempt to give you a better idea of what the Internet of Technology will look like in 2022 and beyond.
According to Stastica.com, 749 U.S. dollars were spent on the Internet of Things technology globally. In 2023, these expenditures are expected to reach 1.1 trillion U.S. dollars.
Although there is a global coronavirus pandemic, the IoT technology expenditure has shown a positive trend.
IoT Analytics reported that total IoT enterprise spending was 159.8 billion U.S. dollars in 2021. Increasing at an annual rate of 26.7%, this expenditure is expected to reach 411.9 billion dollars by 2025.
Image Credit: IoT Analytics
As per the report of Verified Market Research, the IoT in automobile market sector was valued at $47.10 billion in the year 2020. It is estimated that this market size will reach USD 289.36 billion by 2028, with a compound annual growth rate of 25.5%.
Image Credit: Verified Market Research
With the rapid expansion of 5G technology, we can expect increased internet speed and the ability to connect more smart devices at once.
The higher internet speed will help smart devices collect and analyze the data to a greater extent. It will stimulate innovation in businesses that use IoT devices in their daily operations.
According to a report published on Statista.com, in 2021 there were 35.82 billion IoT devices installed worldwide. By 2025, there will be more than 75 billion IoT-connected devices, nearly a threefold increase.
In a report published by Microsoft, it is predicted that IoT will be adopted by many business sectors. Over 94% of businesses will either take direct advantage of the IoT or will use IoT-driven solutions to improve their business, according to the report.
In terms of IoT adaptation, retail with 90% and manufacturing with 86% leading all the industries.
Now you know what IoT is and where it is expected to go in 2022 & beyond.
How about talking about IoT project ideas that can become successful startups?
Would it be cool if you could view who is at your door via a mobile app?
Also, if you could see, hear, and speak to visitors even at the time when you are not at home.
Isn’t this idea cool and intriguing?
By leveraging the Internet of Things, a smart video doorbell mobile app that includes these features can be built.
SkyBell is one of the great examples of such types of mobile applications. The device offers many intelligent features, including emergency alerts, face recognition, smart locks, and parcel delivery.
Likewise, the market growth of smart doorbells or digital door systems is shown to be positive.
As reported by Global News Wire, the smart doorbell market is expected to grow from USD 1,259.73 Million in 2018 to USD 2,056.08 Million in 2025, growing at a compound annual growth rate of 10.29%.
A smart video doorbell mobile app like SkyBell is one of the best IoT ideas for businesses for long-term success.
Cattle can be difficult to tell if they are unwell and what the reason for their unwellness is.
A mobile app that lets farmers stay connected to their cattle and check the health status of their cattle from their smartphones could be very helpful.
This seems like a much-needed ingredient for dairy farms, doesn’t it?
SMAXTEC is a startup doing the same thing.
SMAXTEC offers only a cow health monitoring service, but with your mobile app, you can unleash the full potential of this business by offering cattle health monitoring services
The importance of documents is inescapable for any business.
What if there is a mobile app that can keep track of not only a business’s digital documents but also the physical documents? Sounds interesting, doesn’t it?
With the help of IoT-powered technology named RFID (Radio Frequency Identification), a business can keep track of the movement of their physical documents via a mobile app.
In many countries, agriculture is the backbone of the economy, and the majority of the population is engaged in agriculture. Therefore, building mobile apps that automate agricultural tasks may have a significant impact on farmers and their revenue.
This IoT project will help the farmers to perform a lot of tasks and let them monitor the status of a host of their farming tasks.
A smart farming mobile app, for example, would allow the farmer to schedule irrigation or provide wireless spraying of fertilizer and pesticides to the crop at the right to ensure maximum crop production.
A mobile app based on the Internet of Things for smart farming will allow farmers to automate regular agriculture tasks, allowing them to concentrate on those that require manual labor.
This IoT idea for a business entails building a smart AI bot that can recognize faces.
Mobile app ideas like this one leverage the power of artificial intelligence to make facial recognition more intelligent so it can identify the faces of different people and in the case of a strange face notify the concerned person.
According to MordorIntelligence.com, in 2020, the global facial recognition market was valued at USD 3.72 billion; however, by 2026, the market is predicted to grow by 21.71%, resulting in a value of USD 11.62 billion.
You can also enter this rapidly growing market by creating an IoT-based face recognition bot.
10 million
This is the estimated number of pets in the United States that disappear every year, based on statistics by the American Humane Association.
Thus, developing a mobile app for pet owners which sets them free from the fear of losing their pet.
An RFID enable collar can be used as the foundation of the pet location tracking mobile app. With your mobile app, you can also enable pet owners to monitor the real-time activity of their pets besides pet location tracking.
The leakage of gas is a serious problem both for homes and industrial facilities. A gas leak can cause a fire accident or serious health issues if contaminated with the air.
Do you think a mobile app that detects leaks and alerts the authorities in time to prevent accidents will be the perfect IoT app development idea for your startup to build a successful business?
In order for this mobile app development idea to work, you simply need to insert the gas leak detector bot into the pipe of the gas, and it will monitor its condition. In the event that there is a gas leak in the pipe, an alert will immediately be sent to the IoT network.
In the healthcare industry, the coming of the Internet of Things has completely revolutionized the way things work.
The Internet of Things has allowed medical professionals to react quickly to changes in the health status of their patients and predict the disease’s progression.
One of the perfect examples of the use of IoT in the healthcare system is iHealth Smart Wireless Glucose-Monitoring System. It makes the process much easier for candidates with high blood pressure and high blood sugar level to get the measurement results on the smartphone.
With this mobile application, sugar levels and blood pressure can be monitored 24×7, and any changes to them will be shared with the patient instantly on their phones. As a result, the patient can seek medical attention within a reasonable time frame to avoid some serious medical conditions.
The IoT technology has proven to have a bright future and holds the greatest potential for increasing the efficiency and productivity of complex businesses.
Konstant Infosolutions provides IoT app development solutions for startups, mid-sized companies, and Fortune 500 companies. We can help design and develop IoT solutions that will make a difference in the way your business operates for the better. Connect with Konstant Infosolutions to learn more about our IoT development services and get a consultation on how we can help you with your IoT business idea.
What is IoT App Development?
Developing an IoT app involves creating a system that allows devices to exchange data on their own without the involvement of a human being. Sometimes IoT app development is also described as machine-to-machine (M2M) app development.
How to Create an IOT App?
Let’s explore how you can create an IoT project idea from scratch.
How Much Does It Cost To Implement Any Of The Above IoT Business Ideas?
Since every business is different in its operations, in a similar way the need for IoT adoption is also unique. Thus, it will be difficult to provide you with an estimate of the cost of implementing IoT business ideas. You should speak to our sales team to know the estimated cost of IoT app development.
Which Industries Stand To Benefit From The Internet Of Things?
There are a variety of industries in which the Internet of Things can be beneficial, including:
Being indulged in the IT industry for more than 3+ years, I aim to offer up-to-date and latest knowledge on different technologies and trends setting the market. This is what I love to do. When I'm not working, I like to be near the outdoors surrounded by greenery.
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