Top IoT Based Business Ideas & Opportunities

Dinesh Thakur

27 Jun 2024

The Internet of Things is a modern and advanced technology that connects smart devices with each other and cloud servers over the Internet, using capabilities like sensors, software, and processing systems to exchange data. From startups to large-scale companies with more complex solutions, IoT-powered solutions optimize business processes and increase profit in every domain. IoT-powered solutions allow organizations to stay ahead of the competition and provide a great user experience. 

They have the potential to improve the lifestyles of regular people and the business operations of various industries. Smart homes, smart cities, connected cars, and e-health are some of the niches that have advanced significantly by integrating the Internet of Things.

By 2034, the IoT industry is projected to triple in size, reaching a staggering $756 billion. Many industries, including healthcare, transportation, energy, agriculture, and more, are looking to it as the next big thing.

In this blog, we will discuss IoT based business opportunities in many sectors, such as healthcare, agriculture, home automation, and more.

List Of Top IoT Business Ideas and Opportunities For Startups

Here are the best IoT based business ideas in 2024.

1. IoT in Healthcare

In the healthcare industry, IoT is defined as the connectivity of devices, sensors, and equipment that capture, transmit, and analyze patient’s health data. As estimated by Statista, the IoT healthcare market size will be $102B by 2025 and is projected to rise at a rate of 12.32% from 2024 to 2028, reaching $167.70 billion. It is further anticipated that the United States will dominate the IoT in the healthcare market and reach $8,783 million by 2024. These figures depict how the future of IoT in healthcare is shaping. This market is growing and generating more revenue day by day.

IoT in healthcare allows:

• Remote patient monitoring
• Real-time medical equipment tracking
• Enhanced communication between patients and healthcare professionals
• Medication adherence
• Telemedicine
• Clinical trial management
• Drug management

Utilizing IoT in healthcare ensures the safety of patients and empowers providers to deliver top-notch care, even when they are not physically present.

Healthcare Domains To Use IoT Devices

1. IoT for Patients: Wearable tech, such as fitness bands, can serve as effective tools for monitoring blood pressure, glucose levels, and various other health metrics. It helps patients keep track of their health in a personalized way. IoT devices for healthcare can help individuals stay on track with their health goals by providing timely reminders for important tasks such as monitoring blood pressure, keeping appointments, following exercise schedules, and tracking caloric intake.

2. IoT for Physicians: Doctors connect IoT devices, like home monitoring devices, to the internet to enhance the effectiveness of monitoring their patients' health. This makes it easier for the physicians to take care of their patients via the data that they receive. These IoT devices in healthcare help reach out to patients before their conditions deteriorate.

3. IoT for Hospitals:Hospitals can leverage IoT technology for a variety of applications beyond healthcare. For example, they can track the locations of important medical equipment, including oxygen pumps, defibrillators, and wheelchairs, in real time.

Infection control is very important in hospitals. IoT devices with specialized sensors help monitor hygiene, effectively preventing patient illnesses. They are also useful for maintaining hospital supplies, such as ensuring a sufficient supply of medication, and can monitor refrigerator temperatures or regulate humidity.

2. IoT in Transportation & Logistics

In transportation and logistics, ensuring the prompt and flawless delivery of items or services is a constant priority. IoT devices streamline this operation by enabling real-time data exchanges and remote monitoring of cargo, drivers, vehicles, and storage conditions. IoT enables logistics to save time and energy by allowing remote asset management and tracking systems. It also improves warehouse and storage facility maintenance, transportation, and inventory management. 

IoT has several uses in logistics, with some key benefits like:

• Enhanced transportation safety and efficiency
• Improved operational performance
• Cost efficiency
• Remote warehouse management
• Real-time storage and transit monitoring
• Fleet management
• Asset tracking

Also Read: Saas Based Asset Management Reporting Tool

3. Industrial IoT

Today, industrial IoT is regarded as one of the most promising areas for investment. Investors who created sustainable disruption in their field in 2016 have attracted more than $2.2 billion investments. Businesses in the industrial sector can reap numerous advantages from the Internet of Things (IoT), including reduced operational costs and risks, improved quality, and increased profitability.

IoT automates various processes in different industries, such as:

• Manufacturing
• Logistics
• Supply chain
• Maintenance
• And more

4. IoT for Home Automation

Home automation allows you to control various devices in your home, such as thermostats, lights, dishwashers, silent alarms, and sprinkler systems for the grass. It allows homeowners to have complete control over their house from anywhere.

The automated system efficiently simplifies residents' daily tasks. Due to the exceptional security and convenience automated home systems offer, their demand is projected to rise.

According to Statista, the global smart home market is projected to reach a value of $58 billion dollars by 2025. As a result, automated home systems are a practical choice among the numerous smart IoT small business ideas to consider.

Common IoT Use Cases In Home Automation

Safety Systems: Smart safety sensors can detect leaks in gas or water pipes and notify consumers through mobile apps. Users can remotely shut off the water supply at the mainline or contact emergency services if they receive an alert to prevent any potentially dangerous situations. Another smart home security option is installing sensors in the windows that may record every time a door or window is opened or closed.

Smart Locks: Smart locks, in addition to traditional keys, allow entry via codes, biometrics, or facial recognition. With connected mobile applications, users can conveniently grant access to guests remotely and stay informed about all the door-in and door-out movements at their property. Furthermore, homeowners can automate the activation of their essential household equipment whenever the door opens by connecting smart locks to their lighting and heating systems.

Smart Appliances: Wi-Fi-enabled refrigerators, stoves, ovens, and kettles offer users the convenience of remotely controlling their household appliances through a smartphone app or personal assistant. The fridge can provide meal suggestions or help create a grocery list based on the contents. Preventing a refrigerator breakdown is possible with the help of a mobile app that allows the user to adjust the temperature and monitor its technical status. Households can easily communicate with their helpers and give instructions, such as turning on the electric kettle or changing the oven temperature, simply by speaking to them.

5. IoT for Smart City Solutions

Due to urbanization, cities of all sizes, big and small, have become overpopulated. The Internet of Things (IoT) has emerged as a valuable tool for governments to tackle various urban challenges. These include traffic congestion, sanitation, waste management, environmental deterioration, and increased energy usage. A smart city is a vast sphere where you have every chance to become a pioneer with IoT opportunities.

According to predictions from experts, the global smart city market is expected to reach a value of $6,061 billion by 2030. In 2023, the smart utility segment accounted for 29% of the market, including water treatment, electricity distribution, and infrastructure management.

Smart bus stops, solar roads, traffic controllers, smart shops, and railway crossings are just a few examples of smart cities. IoT sensors that can identify sound can help make informed decisions like a gunshot sound can help inform the nearest police department with the location and more related information.

IoT-Powered Parking System

Parking problems are common in big cities. With urban parking problems on rise, there is a growing demand for IoT based smart parking solutions. According to an IoT Analytics report, the smart parking products and services market is projected to grow at a CAGR of 14% and surpass $4.2 billion by 2025.

Smart parking solutions enabled with IoT sensors help find the available parking spots. IoT-based smart parking solutions provide real-time data on parking space availability, pricing, payments, and more. This evolves as a helpful tool for businesses and consumers.

Developing smart parking solutions can:

1. Reduce unnecessary vehicle emissions
2. Save time to find available parking space quickly and easily
3. Impact environment and traffic
4. Efficient parking reservation and management

Also Read: IoT and AI-Based Parking Management Software for Efficient Urban Mobility

IoT-Powered Traffic Management

Smart traffic management systems can help track vehicles, analyze road traffic, plan the most efficient routes, collect data on the most blocked roads, redirect upcoming vehicles to different routes, manage lights, and more. IoT can also warn other vehicles about the arrival of emergency vehicles like ambulances and fire brigades. IoT-powered traffic management systems can also use CCTV to detect and report traffic violations, criminals on the run, and other suspicious activity.

Waste Control Using IoT

Smart waste control is a promising solution for a smart city. With this, you can track the garbage easily with special IoT sensors on trash cans. IoT sensors indicate if the trash cans are full, plan waste management, and optimize directions for drivers. Thus, IoT can strengthen the waste control ecosystem.

IoT for Water Crisis

Water scarcity and poor water quality are the two pressing issues in many regions of the world. To solve this, many firms are developing and implementing smart water management. In 2023, the market size of smart water management was around $16.9 billion and was projected to rise with a CAGR of 11.5% from 2023 to 2032, thus exceeding $45 billion by 2032. With a combination of different technologies like IoT, AI, and big data, businesses can set goals to manage water resources efficiently. A smart management system can help monitor the use of water resources in various sectors, including manufacturing, farming, agriculture, urban infrastructure, etc. By integrating IoT-based smart sensors, water wastage & consumption can be decreased by approximately 50%. It can also be used to detect pipe leaks.

Public Safety

Cameras and sensors can be installed in public areas, connected with IoT, to monitor any signs of suspicious activity or unattended baggage. Systems enabled by the Internet of Things incorporate analytics, real-time tracking, and decision-making capabilities. The city's integrated CCTV cameras, audio sensors, and data from social media feeds can be utilized to predict potential crime occurrences. This can greatly assist law enforcement authorities in responding promptly and efficiently to possible dangers.

6. IoT for Environmental Monitoring

IoT-powered environmental monitoring systems allow governments and companies to safeguard and purify air, soil, and water. This advanced technology has the capability to detect and identify harmful substances such as toxic compounds, chemical spills, and dangerous pollutants, among other things. Sensors, remote connectivity, and edge computing enable efficient detection, reporting, data analysis, and repairs. Sensors used in water distribution systems, pipelines, tanks, weather stations, marine applications, and industrial machinery can detect a wide range of physical qualities, including humidity, temperature, water level, and leakage. These monitoring systems can be configured to send emails or text messages when they detect unusual activity or specific situations.

IoT-Based Air Quality Monitoring Systems

IoT-based air pollution meter offers a cost-effective solution for assessing air quality. The Air Quality Index, maintained by the Environmental Protection Agency (EPA), is composed of particulate matter, sulfur dioxide, ozone, carbon monoxide, and nitrogen oxide. The Internet of Things (IoT) business concept is extremely beneficial in addressing the pressing need to monitor the environment humans face today.

IoT-Powered Smart Energy System

The globe is shifting towards smart energy management in response to rising climate change concerns and the demand for sustainable energy. One such innovation is the Internet of Things (IoT) smart energy system, which attempts to control and monitor energy consumption in real-time in order to cut expenses and eliminate energy losses. A smart energy system, built on the Internet of Things (IoT), refers to a system that utilizes internet-connected devices to monitor and record energy consumption in buildings, neighborhoods, or cities. These connected smart systems can measure energy use through their built-in sensors and transmit that data to a cloud database for in-depth analysis.

Also Read: IoT-Based Power Consumption Optimization

IoT-Based Flood Detection System

Developing an IoT-based flood detection system is another great IoT business idea. These systems can help monitor various environmental parameters like temperature, humidity, water level, and weather forecasts. By analyzing these environmental parameters, responsible authorities can take preventive measures for a timely response.

7. IoT Technology in Agriculture 

In order to satisfy the world's insatiable appetite, agriculture must undergo continuous improvement. This is where the network of IoT devices proves to be extremely useful. Automated agricultural equipment can assist in various tasks such as planting, fertilizing, harvesting, and irrigation systems. Additionally, implementing Internet of Things (IoT) technologies, including light, temperature, and moisture sensors, ensures continuous crop field monitoring, guaranteeing a higher output.

The Internet of Things is revolutionizing farming by incorporating sensors that can measure temperature, humidity, air quality, and other factors. These sensors enable real-time monitoring and data collection, which can, in turn, be used to make accurate predictions and enhance farming practices. Building an IoT business in agriculture is a highly promising opportunity that has yet to be fully explored.

How Ditstek Innovations Can Help?

Device connectivity, productivity, real-time data collection, and analysis are the key drivers of company success. And by integrating IoT in your business operations, you will not only be able to access these success drivers but also stay ahead of the competition and deliver great user experience. 

Embracing IoT trends is crucial for businesses to maximize their profits. You can elevate your entrepreneurial skills to new heights with innovative IoT small business ideas. And we at DITS can help you embrace the IoT capabilities to propel your business forward. We are an experienced IoT software development company with years of expertise in the IoT niche. Our skilled programmers are capable of creating a wide range of innovative solutions, including smart home technologies, energy management solutions, and industrial Internet of Things monitoring systems. We use our extensive IoT knowledge and cutting-edge technology to bring your concept to life.

Frequently Asked Questions

What are business opportunities in IoT?

Many sectors, such as Healthcare, transportation, industrial IoT, home automation, agriculture, and more, have the potential to grow with IoT. Determining your target market and audience and how your IoT-powered software solutions can help them can help you choose which IoT business idea will be profitable for you.

What are the other IoT-powered business ideas?

Apart from the IoT small business ideas mentioned in our blog, here are some amazing business ideas that can help your business thrive in this technological world.

• IoT-powered cattle health monitoring app
• IoT-based robot farming
• Smart packaging
• Automated checkout
• Smart street lighting
• Smart alarm clock
• Smart cradle system
• Pet location detector
• Smart meters
• Energy store optimization
• Smart inventory management
• Fleet management

The list doesn't end here. We can help you make your dreams come true. Connect with us to discuss your business needs, and together, we can come up with great solutions. Don't worry; your idea will be safe with us. We sign and follow NDAs strictly to protect your privacy.

How does IoT benefit your business across the globe?

IoT can help improve:

• Business productivity
• Operational efficiency
• Job satisfaction
• Customer experience
• Asset maintenance
• Safety