IoT application development is opening new opportunities for businesses and individuals. This emerging technology is transforming industries from every scale.
IoT or the Internet of Things is playing a significant role in the modern digital world where everything is happening online. It is a powerful technology that is solving various consumers' problems and requirements.
Therefore, IoT has become one of the best options for entrepreneurs or business people who want to establish their business venture. Today, businesses across every industry are utilizing the Internet of Things to track their business performance and upgrade their existing platforms.
Many thought leaders have predicted that IoT technology will have a big impact on every aspect of human lives and business operations which will create more business scope in the future. And there is no doubt in this.
IoT basically connects an electronic device to the Internet (World Wide Web) or a particular network e.g. Bluetooth, VPN. The core feature of this technology is that it enables the device to be operated by a smartphone through a mobile application.
For example, smart refrigerator. By simply tapping on an application, a consumer can easily operate his or her refrigerator from the smartphone. Here in this blog, eSearch Logix has curated a list of 10 Emerging IoT Application Development Ideas for Entrepreneurs that could help you establish your own business venture.
The main advantage of IoT is that it has advanced capability to solve both consumer and industry problems. Successful entrepreneurs are those who bring a problem-solving idea. And this blog will tell you how these IoT application ideas solve the current requirements of different industries.
IDEA #1: IoT Application for Manufacturing & Industrial Sector
Manufacturing and industrial sector highly depend on business efficiency to generate maximum ROI from their daily input. This industry requires applications that can help them track the daily machinery operations with key metrics.
For example, several IoT-based factory automation and control projects contain holistic smart factory solutions such as production floor monitoring, wearables and augmented reality on the shop floor, remote PLC control, and automated quality control systems.
Besides this, typical outside factory projects involve remote control of connected machinery, equipment monitoring, or management as well as control of all remote industrial operations like oil rigs.
All these operations require reduction in operational downtime and production costs. So developing IoT applications which can improve operational efficiency and save cost by providing monitoring and performance analysis based platform could be the key drivers for OEMs.
“Industrial IoT is transforming the rules of manufacturing, fueling cloud and edge innovation, accelerating the evolution of digital factories, and enhancing operational performance.” - Satya Nadella, CEO of Microsoft, Nov 2019
Real-life Example: Howden Mixed Reality Solution
Howden is a Scottish manufacturer of air and gas handling solutions. This company turned to Microsoft and PTC to develop a scalable mixed reality application that overlays real-time data from connected products with 3D augmented reality experiences to provide step-by-step instructions on how to solve problems with the equipment.
This IoT application allows Howden's customers to reduce the challenges and costs associated with unexpected downtime and improve overall maintenance strategy. This innovative solution saves a lot of time and cost of consumers. Entrepreneurs here can think of IoT application ideas which solve such requirements.
IDEA #2: IoT Application for Transportation and Mobility
Transportation and mobility industry highly needs IoT application development solutions. These applications improve telematics and fleet management by connecting the local operating system within the car for vehicle diagnostic, driver monitoring, tire pressure monitoring, battery monitoring, or simply vehicle tracking.
IoT startups or entrepreneurs can develop such IoT applications which enable the transportation and mobility industry to monitor and display key metrics that help in improving business performance.
“Connected solutions bring increased vehicle and construction equipment uptime for our customers, better safety for drivers, operators, and other road users – and of course – fewer emissions of carbon dioxide. The first million connected assets at Volvo is only the start, we are committed to remaining a leader in this field.”- Martin Lundstedt, CEO of the Volvo Group, Oct 2019
Real-life Example: OmniBus fleet operations optimization
OmniBus.com is a well-known long-distance bus service in Finland has developed a streamlined and sustainable transport operation application with Telia's that optimizes the operations of heavy equipment and decrease fuel consumption using real-time operating data.
You can take lesson from here how this company through IoT app development is solving transportation and mobility problems. Entrepreneurs here can develop similar commercial IoT apps for this industry and establish the venture.
IDEA #3: IoT Application for Energy Sector
As global energy consumption is projected to rise by 40% over the next 25 years, the need for smart energy solutions has reached the top. And IoT has started transforming every segment of the energy industry from production to transmission and distribution to changing.
IoT provides solutions to energy providers and companies by helping them focus on grid optimization, energy distribution, remote asset tracking and management, predictive maintenance, and creating more transparency.
Entrepreneurs can build IoT application that enables the energy industry to track and monitor key elements of their daily operation and save significant operational and product cost.
Real-life Example: Exelon’s wind power forecast model
America's utility company, Exelon, optimizes wind forecasting accuracy with GE's Predix Platform to gain a 70% performance improvement for their wind farms. GE's data science team created a physical and statistical wind power forecast model based on historical statistics provided by Exelon.
They use wide data sources and took into account seasonal or time-of-the-day effects, and operate the analytics in Predix Cloud and then give results in a few seconds. See this is what an IoT application can do.
IDEA #4: IoT Application for Retail
Retailers are realizing that they can enhance their cost-efficiency and in-store customer experience through innovative IoT applications. Retailers are taking more interest in digitizing the stores and creating smarter processes.
For the retail industry, entrepreneurs can develop IoT apps for in-store digital signage, product tracking, inventory management, customer tracking and management, and smart vending machines.
This IoT application should be designed to provide quick information about in-store products to customers and also enable retail store owners to track everything within the store.
“The potential to gather data and put it to use more effectively is exciting. We’re learning how IoT can help us to work differently. We’re improving many of our processes, and we’re empowering our associates with better tools and technology.” - Doug McMillon, CEO Walmart, Oct 2018
Real-life Example: Art of Shaving enhanced shopper insights
The Art of Shaving is a US-based retail business that provides professional men's shaving and skin accessories. This company collaborated with RetailNext to compare store performance across its retail stores based on accurate entrance traffic solutions using IoT-based app. The application reviews detailed metrics & KPIs, analyze conversions rates by store, identifies norms, outliers, and recognizes the key opportunities.
IDEA #5: IoT Application for Smart City
Smart city is not a dream project sleeping only in the paper; it is becoming reality and flourishing in various parts of the world. In a typical smart city, there are smart homes, strong internet connectivity, and other smart devices which support daily life activities.
And to operate these devices and functionality, people need mobile apps to manage things easily from their smartphones.
(Source: IOT ANALYTICS)
IoT projects in smart cities include connected traffic (e.g. smart parking, traffic management), environmental monitoring (air pollution), and utilities (smart waste, lighting), public safety (video surveillance).
Entrepreneurs may invest in android app development for IoT to provide such apps which enables users to perform and monitor important activities because the number of Android users will be higher in the future due its better affordability and diverse functionality.
To know more on this read: Why Businesses Should More Invest in Android App Development in 2022
Real-life Example: Singapore’s sensor data sharing platform
Singapore utilizes an integrated sensor platform called Smart Nation Sensor Platform. This is application collects, analyze, and share data from connected sensors and devices to enhance transportation, urban planning, and public safety in the country. These data sources contain traffic counters, cameras, residential meters, and lampposts.
IDEA #6: IoT Application for Healthcare
Healthcare is the only sector where IoT is growing slowly. However, this slow growth gives advantage to startups and businesses to become the first leaders in healthcare app development. As the demand for healthcare applications that support in digital diagnostics, telehealth consultations, remote monitoring, and robot assistance is growing, the future seems brighter.
Healthcare app can be a great startup idea if it provides assistance in medical device monitoring, health team coordination, optimizing workflow operations, patient monitoring, pain medication, and so on.
Real-life Example: Medisanté remote patient monitoring
Medisanté application provides remote patient monitoring functionality and allows medical professionals to personalize patient care with a real-time view of the patient's health and activities.
IDEA #7: IoT Application for Supply Chain
Supply chain is an important part of logistics management and requires improved solutions to make complex management easier. According to a recent survey done by a US-based logistics provider Kenco it has been found that 56% of supply chain professionals are planning to invest in IoT devices to make their operations more efficient and enhance the speed of supply chain management.
It clearly indicates how good business scope there is for IoT entrepreneurs. They can build IoT-based application with useful features for automated guided vehicles, connected workers, asset tracking, condition monitoring, inventory, and storage management.
Recently, the Covid-19 pandemic has highlighted the importance of IoT tracking across the supply chain. It has been a big driver for mobile app development companies in India to provide solutions to companies in managing the supply chain quickly and smoothly.
Real-life Example: Rotterdam’s connected port
Rotterdam Port is using IoT sensors throughout its dock facility to gather real-time data about air temperature, wind speed, relative humidity, turbidity, and salinity of the water. The company can see all this data from the application and predict more accurately as to what time would be the best to moor and depart cargo ships at ports while reducing waiting time and cost.
IDEA #8: IoT Application for Agriculture
The Internet of Things is changing traditional agriculture into smart agriculture. According to a market report, it is estimated that almost 10 billion people will need up to 70% more food than we need today. IoT is emerging as the problem-solver by empowering farmers with more informed decisions to achieve better crop yield and save costs.
Agriculture is itself a big sector, and with IoT, entrepreneurs may come up with applications that support multiple functions of smart agriculture such as mapping fields, livestock monitoring, irrigation management, precision farming, analyzing crops through drones, etc.
Real life Example: Kwekerij connected greenhouses
Sander Berkers, Supervisor at Kwekerij Moors Pepper Farm, Netherlands, says that they get many insights into temperature of the peppers during the growth phase and adjust the greenhouse environment accordingly. They are using IoT-based application which improves the quality of their products by getting real-time information.
IDEA #9: IoT Application for Buildings
As per the report from Energy Efficiency Indicator Study 2019 which surveyed 400 energy and facility management companies in the USA they found that nearly 71% of companies which invested in smart building control system reported big improvements.
These solutions simply focus on improving productivity and efficiency while decreasing the operational cost through advanced building life cycle management.
This need is opening new business opportunities. Startups, entrepreneurs, and business ventures can develop robust IoT-based application that offers innovative solutions for building life cycle management. These applications can give real-time data about lighting, elevators, smoke alarms, fire extinguishers, facility automation, and security.
Real-life Example: Connected shopping center in Finland
A shopping center in Espo, Finland, uses Navigator software to monitor and analyze the ventilation systems, room sensors, and lighting systems in the premises of the Shop. By getting information through this software, they were able to save 680 MWh of electricity and 800 MWh in central heating while saving around €110,000.
Amazing isn't it? Now, we are close to our final idea.
IDEA #10: IoT Application for Wearables
Wearable technology is itself emerging as a particular market and when it combines with IoT it creates marvelous. The demand for wearable gadgets such as smartwatches, fitness bands, smart glasses has brought a new phase in the consumer electronics market.
Apple, Samsung, Jawbone, Google, Fitbit, and Misfit are rushing to provide innovative wearable devices to consumers. So what is the role of IoT here?
Many wearable devices require IoT sensors to capture and read the information received from the material or the human body. To further present this information to users on their smartphone or any other mobile device, an application is needed.
People are becoming more aware of their regular fitness. Especially during the Covid-19 pandemic hit, the demand for IoT and Wearable app development is growing tremendously.
People are looking for more intelligent mobile applications which can help them track their heart rate, calorie intake, sleep, daily steps walked, running, and other health-related metrics.
If entrepreneurs can develop a healthcare application that supports the functionality of IoT wearables in various tasks like remote diagnostics and health monitoring, advanced personal care options for patients, early disease detection, and prevention, your application can turn out to be a blockbuster on the Google Play Store.
Conclusion: IoT is Here, Take Action Now
By analyzing the latest data and various successfully running real-life examples, you can simply come to conclusion that IoT is growing with high speed and provides broad business scope for future startups, ventures, and entrepreneurs.
How easily and efficiently your IoT application can solve consumer and industry problems will determine your success in the market. And it is not easy to achieve. Therefore, you should collaborate with a professional company who can guide you to succeed in the IoT market.
We, at eSearch Logix, provide advanced IoT application development solutions using modern software and technology. Our team is equipped with experienced software developers, certified programmers, AI specialists, and product engineers who can develop application for your innovative IoT-based business concept.
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