Internet of Things Trends and Business Ideas to Follow in 2020

Top IoT Trends to Watch in 2020

Description: Learn more about IoT trends in 2020. Additionally, we’ll discuss business ideas for startups.

Innovation changes our lives every day. People have already created super-fast computers, various wearable devices, and advanced mobile apps. What’s next? Internet of Things to IoT. This technology connects smart devices to provide better users’ experience and increase revenue for businesses.

Quick Stats

Internet of Things technology influences on different industries, e.g. e-commerce, logistics.

• Statista claims that there will be approximately 50 billion devices connecting to the Internet by 2030.
• Enterprise invest money in this technology, and the amount of investments is expected to reach $15 trillion by 2025.
• The worth of the Internet of Things management market can become more than $16 billion by Grand View Research.

As you can see, IoT has a significant impact on existing business along with startup companies.

IoT Trends for 2020

If you want to open a new business and integrate IoT, it’s better to follow the latest trends.

#1. IoT and Big Data

The primary purpose of the Internet of Things technology is to collect and process data. IoT devices can track users’ activity. This technology can be integrated into every sphere of people’s lives, e.g. medicine, education, etc.

The combination of Big Data and IoT allows providing users with a great experience. The information can be analyzed in real-time mode.

#2. IoT and Machine Learning

IoT collects a lot of information. It’s possible to analyze it using machine learning technology. It allows predicting the output of various situations. ML algorithms continuously improve, so the predictions are more accurate.

IoT devices can become more intelligent due to machine learning. It’s quite profitable for businesses. For instance, the system can find small deviations faster than a worker does.

#3. IoT and Blockchain

Data gathering and processing are vital for IoT work. However, it’s necessary to consider the security issue beforehand. To provide a high level of data protection, it’s better to implement Blockchain technology.

Blockchain has three significant advantages: it’s public, decentralized, and secure. As a result, it can bring positive changes to IoT.

IoT Business Ideas

IoT development brings a lot of opportunities to the business field. Below we’ve listed the most promising IoT-based opportunities for startups.

#1. Medical Industry

Wearables can collect data about users’ physical activities and health conditions, e.g. heart rate, blood pressure, and more. A wearable device connected to the IoT system tends to do even more. For instance, it’s possible to pass data about your health conditions to your doctor or emergency service.

Hospitals provide a lot of opportunities for IoT integration. For instance, different mHealth technologies allow scheduling an appointment or communicating with a doctor through the phone.

#2. Smart Cities

Smart cities make our everyday life more comfortable. Additionally, this niche provides a lot of opportunities.

 

• Solar roads. Such panels tend to utilize solar energy. Additionally, they can warn drivers about changing road conditions. Integrated red lights can improve visibility that leads to reducing car accidents.

• Traffic controllers. It’s possible to integrate sensors on the road to predict dangerous conditions. Such sensors can manage the number of cars on the highway.

• Smart bus stops. These stops can show actual information about the traffic. Additionally, it’s good to integrate an intelligent heating system that can turn on or off, depending on whether there are people at the stop.

 

Of course, there are more examples since every aspect of city life can be improved. For instance, smart traffic lights, railway-crossings, and so on.

#3. Toys

Interactive toys are quite widespread these days. Toymail offers toys that can connect children with parents. It’s possible to send messages and get answers using such toys. So, parents can communicate with children from work.

Also, some toys can measure a child’s temperature. So, there’s no such problem anymore.

#4. Cars

Cars become smarter. There are already driverless vehicles. However, the security issue can be a struggle. IoT technology provides a solution. Various sensors can identify the driver using such parameters as weight, height, and so on. If the person’s parameters don’t match with the saved ones, the car locks. Additionally, IoT brings opportunities to measure the distance between cars. This technology helps reduce the number of car accidents.

#5. Customer appliances

One more field for improvement is customer appliances. Merely saying, some gadgets can make users’ lives more comfortable, e.g. smart homes, smart offices, etc.

On the market, there are such products as Bluetooth trackers that help find keys, smartphones, etc.

The idea is creating a product that makes everyday routine tasks easier and faster.

As you can see, IoT technology brings a lot of changes to modern society, making people’s lives more convenient. It’s high time to integrate this powerful tool into your business or start a new project.

About the author:

Vitaly Kuprenko is the technical writer at Cleveroad.  It is a software development company located in Eastern Europe. His mission is to provide people with interesting material about innovations in the world of IT.

See more IoT stories here.

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