The Internet of Things is changing the market for many companies, opening the way for new applications, ideas, and devices. Let’s see how you can get inspired if you are planning to enter a new world with great IoT business ideas.
Getting original ideas for the IoT business
The first thing you need to analyze is the market in which you are planning to enter. It is important to do research on who your potential competitors are. And from that point, try to interact with the IoT products they sell.
Pick up 5 competitors
Are you planning to enter agriculture, consumer electronics, home automation, or the healthcare market?
The first thing is to look for the best companies in the sector you want to be part of. Then, try to analyze how you can make your IoT business idea more attractive and interesting than theirs.
Evaluate the following aspects:
- Time in the market
- Brand recognition
- Customer service
- Performance of the IoT products
- Features of the products
- Price
Build a good prototype that stands out from your competitors
Outstanding Internet of Things business ideas require good hardware development companies that can guarantee a reliable device.
With the information you gathered from the previous step, you can realize if your IoT business idea is worth building or not. Sometimes we get awesome insights on how to solve a problem or issue, however, there is no guarantee that this idea is already being solved by another company in the market.
If you build an interesting technology, you can be sure you will attract attention from potential investors; you may need funding to make your business grow over time.
Test your IoT business idea
We wrote an article about MVP testing where you can find more strategies to test your IoT business idea. However, the most popular way is to do some A/B tests with your potential customers.
You can gather two or three groups of people, and they will be in charge of interacting with your IoT project idea. Once they are done with it, you will collect feedback and use it as a way to determine whether your product has potential or not.
IoT startup ideas
Explore these incredible IoT business ideas that could inspire your next big project or bring your innovative concepts to life:
1. Smart agriculture systems
Develop IoT sensors for farms to monitor soil moisture, weather conditions, and crop health in real-time, optimizing water use and increasing yields for farmers.
2. Connected home security
Create an IoT-based home security solution with smart cameras, door sensors, and motion detectors that users can monitor and control from their smartphones. Smart locks for home safety are very popular nowadays. Overall, new IoT devices for home security offer video surveillance in real time, monitoring from an app through motion sensors, and the possibility to unlock the door from a cellphone.
3. Wearable health monitors
Build a wearable device that tracks vital signs like heart rate, oxygen levels, and stress metrics, sending data to healthcare providers for proactive care. There are products like tiny cameras that can be swallowed to perform an endoscopy. Digital patches that allow patients to monitor their glucose levels. At DeepSea Developments we created a pill dispenser that allows people to remember when it is time to take their pills. See more IoT applications in healthcare.
4. IoT-powered supply chain tracking
Offer sensors and platforms for real-time tracking of goods in transit, ensuring visibility in logistics, reducing delays, and preventing losses.
5. Smart pet care systems
Develop IoT devices like automatic feeders, health trackers, and interactive toys for pet owners to monitor and care for their animals remotely.
6. Energy efficiency management
Design IoT-enabled systems for businesses and households to track energy usage and optimize consumption, reducing costs and carbon footprints.
7. Smart waste management
Create IoT-enabled bins that monitor fill levels and send data to waste management companies for efficient collection routes, saving time and resources.
8. IoT for elderly care
Develop IoT devices like fall detectors, medication reminders, and health monitors to support independent living for the elderly while keeping families informed.
9. Smart retail solutions
Introduce IoT-powered systems for retail stores, including inventory tracking, personalized customer experiences, and automated checkout processes.
10. IoT integrated fitness equipment
Build smart gym equipment that tracks workout data, provides real-time feedback, and integrates with fitness apps to help users achieve their goals more effectively.
If this article inspired you to develop an IoT device for a specific market, contact us, as we are IoT product design and development consultants.