It’s a global village. The world is also progressively competitive as reiterated by this study
Looking at this trend, the future is only going to be tougher for businesses that lack competitive advantage. But it is reassuring that business opportunities are sprouting as technology emerges, granting people who are keen a head start.
Alongside data analytics and other technologies, the IoT has the potential to improve life in many ways. Here, we outline four important business opportunities that are related to the Internet of Things in different markets.
1.Manufacturing
The IoT is proving popular in the manufacturing sector because of the transformation it has brought to processes and procedures.
Take, for instance, the application of smart sensors in line with industry 4.0. A wide array of smart sensors work together to track production procedures, allowing companies to determine factors that affect product quality.
Manufacturing businesses can also look at the flexibility of production lines. As customer needs worldwide change and increase, demand for adaptable production lines also increases. This presents a perfect opportunity for the IoT to offer a solution through production optimization.
Logistics in the manufacturing environment is also an early adopter of the IoT to solve many issues in the supply chain. IoT devices can help optimize diagnostics, fueling, and routing.
Now that the internet of things is merging with industrial automation, the business opportunities in this space are only emerging. Before the technology becomes 100% effective, many programs have to be developed, and a lot of code is needed. There is also a growing demand for robotic experts.
2.Security
Connected technologies may bring numerous benefits, but they can also present serious security challenges because every internet-enabled gadget has its vulnerabilities. Cybercriminals are constantly using IoT devices to launch attacks. They could even hack driverless vehicles and create major harm to people.
Owing to this security threat, many cyber-expert business opportunities are developing. IoT security experts are in high demand because businesses and individuals want to safeguard IoT devices that are prone to cyber-attacks. The case for this business opportunity is made by gaps such as poor system configuration and non-standard device manufacture.
3.Smart Cities
At least 56.2% of the global population resides in cities, according to a recent United Nations report. As this trend continues, the impact of climate change will only escalate.
In a bid to make life more bearable, cities often incubate modern technologies. Several cities around the globe may have already rolled out such technologies that qualify as smart, but a lot remains to be done. Anyone venturing into this area is highly likely to succeed.
Consider an opportunity such as smart parking.
The global smart parking market is on an upward trajectory. As this analysis shows, the market will grow tremendously in the six years leading to 2027.
Smart parking is a concept whereby drivers can find all the nearby parking spots using sensors or smartphones. It directs the driver to the parking spot, thereby saving time.
The idea of using IoT for street lighting is another major opportunity for entrepreneurs. The components and setup of smart street lights make this solution an essential part of smart cities. Their uniform spread across the city form a kind of nervous system for the administrators. Fitted with sensors, the lights offer an efficient and safe collection of data. The business case for this IoT solution includes significant emissions reduction, minimized maintenance costs, and reduced energy consumption.
Waste management in smart cities can also adopt IoT technology, especially when the service provider wants to optimize transport routes to save fuel.
4.Healthcare
The transformation of the internet of things in the healthcare industry is massive and it can only grow bigger. This report estimates that the industry will reach $260.75 Billion by 2027.
There are several areas in healthcare where business opportunities will abound as time goes by.
Doctors can access patients’ data much faster thanks to wearables and other gadgets that track various aspects of health. Yes, there is still some argument over the safety of the collection, transmission, and application of data, but this area is promising.
Away from the wearables, the IoT has also introduced remote monitoring of the elderly and patients. This has generated demand for sensors and robotic assistants, which send an alert to the doctor whenever there is a change in routine – failure to take medicine, lack of movement, or unusual activity.
Within the next decade, businesses and consumers will be unable to avoid the Internet of Things. Indeed, this sector will in numerous ways define people’s lifestyles. The IoT may still be in the infancy stage, but it is already creating new types of business opportunities.
With the applications of the IoT expanding fast, you may need an IoT solutions expert for social & healthcare, energy, aeronautics, and security. We offer a technological platform that adapts to any sector.
If you would like to learn how our platform can suit your business, please get in touch here and a company representative will get back to you.
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