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Business Ideas for Internet of Things IoT Startups in 2024

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Business Ideas for Internet of Things IoT Startups in 2024

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Speaking about Internet of Things technology, IoT trends and business opportunities, let’s turn to statistics. Earlier, in 2022 The total value of the global Internet of Things market was $520 billion, of which the system integration segment accounts for $116.1 billion. By 2025, according to Statista, the global IoT market will be estimated at approximately $1.6 trillion.
According to research, by 2024 the number of near-field IoT devices worldwide will increase to 17.8 billion units.

From a scientific perspective, the Internet of Things (IoT) is a network of interconnected devices such as digital machines and computers that have their own UIDs (Unique Identifiers) and can transfer data from one to another without requiring special human-computer interaction.

Not only analysts, but also developers know that the future lies with the Internet of Things and blockchain technology. This is why the most profitable business ideas are focused on IoT in one way or another.

The future of business with Internet of Things technology

The business opportunities of IoT are endless as this web segment covers most areas of daily life and market. It connects various technological products from banking terminals to smart home platforms. Here are some of the most notable benefits of IoT innovation for businesses and users:

  • Communication between devices

The Internet of Things allows all devices within an area to communicate and exchange data through short-range networks including Bluetooth, RFID, ZigBee and others. D2D communication supports a wide range of applications:

Remote patient monitoring and e-medicine solutions;
Communication and delivery services for retail;
Vehicle-to-vehicle communication in the automotive industry;
Technologies for eliminating the consequences of natural disasters, etc.

  • Clean technologies and the increased role of IoT in smart grid solutions

When combined with blockchain applications, smart devices will be able to self-monitor and function without human control. A decentralized IoT system can be fully automated and operate based on industry logic.

Another way to securely exchange data between devices is to implement the following scheme: one device requests data from another and pays a micropayment to receive it. In this scenario, no human oversight or consent is required to process the transaction.

  • Receive messages from devices in real time and send commands to devices

Gadgets connected to the Internet of Things will inform the user about the current status of the task, as well as possible problems. This significantly reduces the likelihood of critical breakdowns that may occur due to a minor malfunction.

  • Real-time data analytics: processing incoming telemetry data, aggregation and event detection

Sensors are now so cost-effective that they are installed almost everywhere. This provides enhanced access to any data. You can see where your package is, what the temperature is inside the container, or when the item will arrive on the shelf. A transparent supply chain helps businesses make better decisions on time to save money and avoid fines and force majeure situations.

This benefit is also extremely important for the healthcare industry. The machine can not only collect data, but also automatically process it, analyze it and even propose solutions.

  • Processing messages from devices and delivering them to other services

IoT allows devices to communicate independently. It automates many processes, from automated messages to emergency services (as an alternative to 911) to a “smart refrigerator” that orders needed groceries from the grocery store.

  • Blob storage for storing telemetry data and preparing it for analysis

Collected data can be automatically converted into a useful format for human or machine analysis (such as a graph or chart), placed in a database, and stored until needed.

This is not all the possibilities of IoT. Technology has almost unlimited potential, so it can be integrated into the vast majority of areas of human life to improve and automate processes.

Almost any business can benefit from the Internet of Things. Let’s look at the main IoT trends and some effective ideas for IoT startup projects that can make a startup profitable and valuable to a wide audience.

Medicine and healthcare

There are IoT devices that greatly simplify monitoring the patient’s treatment, as well as the progress of the person involved in fitness training. Wristbands or pads equipped with sensors can monitor a number of biometric parameters, for example:

Blood pressure
Pulse
Heart rate
Respiration rate

All this information is transmitted to the treating physician or trainer, who can then monitor the client’s current condition and results.

Patient monitoring

Such devices are considered the most popular electronic medical devices in the coming years. The patient monitor consists of monitoring sensors and a display that measure, display and record the patient’s vital signs such as blood pressure, temperature, pulse rate and respiratory rate. ECG monitors and ECG monitors are also types of medical monitors.

Transparency in healthcare organizations

Thanks to the Internet of Things, the healthcare industry will become more transparent and cost-effective. Accounting systems, electronic patient records and other approaches used by hospitals have resulted in cost savings. More than 73% of healthcare organizations confirmed that their costs decreased and quality of care improved after implementing IoT.

Smart city

After successful examples of smart buildings, entire smart city Internet of Things projects began to appear. There are many IoT startup ideas for using such systems. For example, roads are covered with solar panels to create a high-quality, smooth surface and generate energy that can be used to illuminate the road, traffic lights, etc.

Smart traffic lights and smart stops are also common solutions using IoT technology. Devices of the first type are able to select the intervals between red and green lights depending on how busy the streets are in a given period of time. Smart stops allow passengers to receive important information such as the number of bus routes, their directions, service intervals, etc.

Territory monitoring

The Internet of Things can significantly increase the security of objects and protect property from unauthorized access. Smart security systems include cameras and sensors that can not only detect movements or sounds, but also determine who is on your property at any given time.

Today we are seeing an increasing use of the Internet of Things in precision agriculture and smart farming. For example, in livestock farming, RFID tags allow you to immediately identify any animal, obtain all the necessary information about it and determine where it is currently located. Smart equipment, such as self-driving tractors, can move independently and arrive on site exactly when needed.

Internet of Things in Manufacturing

With the Internet of Things, an owner can connect operational technology (OT) and IT to automate multiple business processes, easily monitor product quality, and manage all resources while away from the office.

The latest IoT ideas in manufacturing can be applied to almost every existing industry. Find the most important trends below:

  • Smart sensors in production

The Internet of Things makes production cost-effective and fast. A variety of interconnected production and transportation monitoring devices help companies identify the causes of poor product quality and production delays.

3D printing in industry

Even small manufacturers use 3D printing technology. Creating a piece prototype (and several variants of one product) allows you to correct critical vulnerabilities of a future industrial design and reduce losses caused by product defects.

According to data, earlier in 2021, the profit of the 3D printing technology market was estimated at $3.1 billion. Today, the areas of production where 3D printing technology will be most in demand are the defense industry, aerospace and automotive.

Flexible production chains

Digitalization in manufacturing can take on a completely different form. Some businesses may be using digital twins, others may be experimenting with mobile apps, and others are developing AI approaches. But the goal is always the same.

Working in the global market requires the manufacturer to be flexible, high-speed service, open and high quality. Optimizing your production schedule and customer service style requires access to many databases. The idea of ​​IoT maintenance automation is what the solution will look like in 2022.

AI at every level of production

It’s no secret that AI in manufacturing processes performs better quality control than humans and also reduces the time it takes to complete a production task, saving you materials and money. By the end of 2025, total AI market revenue will reach $118.6 billion, and at least 20% of all decisions will be related to production issues.

AI will also be introduced into marketing everywhere. These processes are already noticeable, and they will only intensify in the future. IoT-integrated devices will study consumer demand and resource markets, independently improving products that will then be sent into mass production.

Big data storage and analysis

The use of IoT will help managers make informed decisions about the future development of the enterprise. Programs running on IoT devices will be able to collect data such as chronicling plant performance, demand for manufactured goods, material prices, and industry trends in local markets.

Internet of Things in Retail

The Internet of Things is a network that connects physical devices. In the retail industry, technology can also bring many benefits by improving the customer experience and reducing owner costs.

Automatic debiting of funds from your account after you leave the store with the selected product and displaying a store map on the screen of your smartphone after you come to the store to buy a product that you saw on the Internet – these are simply the most obvious Internet of Things ideas that , it is quite possible that they will soon become a reality in countries where consumerism is the norm and a way of life. For example, in the USA and China.

How promising is the retail industry for those who want to launch a startup using IoT approaches?

Mobile payment applications and cash systems

No more queues. The most promising and simple technology that is being implemented in retail chains is an automated cash register. How it works? Each product has an electronic tag, which the sensor system reads when leaving the store.

This approach not only stimulates sales (after all, you can make purchases faster), but also reduces the cost of maintaining cash registers. It is expected that by 2025, 75% of stores will use automated checkout systems.

Discount personalization

The Internet of Things allows retailers to increase conversions by harnessing their creativity. Firstly, you can give discounts to regular customers when entering the store (the sensor system can record the person on whose device the store’s application is installed).

Secondly, you can give a discount to a regular customer on goods that he approaches in the store. Thirdly, you can track your customer’s requests on the Internet and provide discounts on exactly those products that are in your store.

Robots and smart shelves in stores

None of these IoT-based technologies appeared yesterday, but they are expected to be used in every second store in the coming years. Smart shelves save store employees time because they can automatically track items and send replenishment requests to the warehouse. Smart shelves can indicate the discrepancy between the price tag and their contents, and also detect theft.

As for robots on the sales floor, they also help store owners save on running their business. Robots can help people find the right product, find out all its characteristics, or check whether the right product is in stock. An important advantage is that robots can speak many languages.

Studying customer behavior

To find out how to improve the display of goods on the sales floor or avoid traffic jams at the checkout, install a system for tracking the behavior of store visitors. It can automatically process information sent to it by cameras, checkout, and mobile client apps, and then provide you with ready-made solutions. This is another opportunity to invest in the Internet of Things.

Retail network management

IoT helps you manage your stores and inventory remotely and stay informed about what’s going on there. For example, you can equip your inventory with temperature sensors and set up automatic temperature maintenance that recognizes the type of goods you are storing.

You can also track the delivery of new products to the store and supplier pricing. Automated transactions and product purchases are also a reality in the IoT world, speeding up business processes by up to 25%.

IoT + AgTech: Internet of Things in Agriculture

Agribusiness is another area where IoT solutions are very popular. The world’s population continues to grow, which means agriculture must produce more and more food to feed us. Since the Earth’s natural resources are limited, production can only be increased through careful use of land, water and other natural components.

AgTech is a field that includes IoT ideas related to agriculture. Just 4 years ago, investments in this area amounted to $4.6 billion, and by the end of 2030 they are expected to increase by 60%.

Let’s analyze IoT trends in agriculture to identify a promising startup idea

Field sensors

There are many uses for sensors in agriculture. For example, you can surround a field with sensors that will recognize the readiness of the crop and inform farmers about it.

Here’s another idea, already tested in Europe: sensors can be placed in the soil. These devices measure the temperature, composition and moisture of the soil, and also monitor the development of crops. They can activate watering, disinfection and harvesting programs.

Equipment sensors

As you know, the equipment that farmers use costs millions. The better it works, the higher the efficiency of the farm. Modern combines, tractors, and even smart farming systems that automate routine agricultural processes can be equipped with sensors that monitor their technical “health” and prevent breakdowns.

In addition, sensors can report the location of equipment and predict its performance. Other types of sensors can automate tractor movements and measure crops.

Automated field monitoring

Crop monitoring using drones, which is now actively used in a number of countries, is another IoT business opportunity. The Internet of Things becomes a means of transmitting data from the drone’s camera to the processor, which calculates whether the field is suitable for efficient farming. The system predicts the time during which the land can be sown.

One of the modules of the monitoring system can be responsible for calculating the risks of the region – measuring the likelihood of natural disasters, droughts and landslides in a particular zone.

Robofarming

AI has potential in agriculture, where most of the work is monotonous. Planting, fertilizing the soil, watering, harvesting and transporting crops can all be automated within the IoT approach.

Don’t forget that a robot can be very strong and doesn’t need to sleep or take a lunch break. In addition, robots can be used in hard-to-reach regions. Surprisingly, robots are also environmentally friendly. Their use makes it possible to eliminate 90% of agrochemical products.

Origin tracking

IoT approaches between farms and stores will help protect the health of the end consumer. Using a special code, right now in some stores you can find out not only who the supplier of the product is, but also how this product was grown (soil cultivation, terms and conditions for storing the crop, and much more). ). Thus, a farmer who violates production standards will be personally responsible for his mistake.

Internet of Things in banking

The development of mobile technologies and the Internet of Things has a significant impact on the banking industry.

IoT-enabled banks can provide customers with truly personalized and consumer-centric solutions. Digitalization and IoT automation are turning banks into a convenient financial management tool for those who were afraid to have any transactions with banks due to the complexity of banking procedures. Bank operations are also becoming transparent to customers.

Another benefit is the increased inclusivity of banks, which are now accessible from any mobile device. A clear confirmation of these thoughts is the compound annual growth rate (CAGR) of IoT in the banking industry. This figure is expected to reach 55.3% from 2019 to 2027.
Let’s look at the main ideas of the Internet of Things for banking:

Personalized banking solutions

The development of IoT is dangerous for the banking sector. Sellers and buyers, as well as employers and individuals, use automated financial management systems based on a peer-to-peer business model that eliminates banks altogether. At the same time, banks provide valuable financial guarantees that competitors do not have.

However, banks must become flexible to meet customer needs. Financial institutions have already invested $117.4 million in technology startups to study customer behavior by analyzing their bank accounts and data from bank mobile apps. The idea is to develop an alternative to the peer-to-peer model that is even more flexible, personalized and reliable.

IoT banking and security

IoT banking is a simplified system of financial transactions that requires minimal action on the part of the client. On the one hand, the client always has access to information about his financial transactions. On the other hand, he does not need to confirm routine things like allowing the bank to pay for the parking space that the client has occupied. Mobile devices have literally become customer payment points.

Another aspect of IoT banking is biometric passwords and tracking of the client’s mobile device. Combining the client’s mobile device, the device’s camera, a fingerprint scanner, bank servers, GPS sensors and bank card chip scanners into one system allowed for maximum protection of the client’s account.

Bank of Things (BoT) and data protection

Mobile applications that simplify banking operations are not the limit of digitalization of banks, many believe. The new concept of American financial institutions is called Bank of Things. It refers to a global business IoT infrastructure that allows individuals and businesses to exchange financial data within a single network (avoiding banks) that connects all personal IoT devices.

Contactless payments and the ability to control your budget in real mode, as well as shortening transaction chains, are the main advantages of BoT.

Similar innovations have already been tested by Visa and MasterCard. Unfortunately, BoT-centric business models have serious disadvantages, such as vulnerability to cyber attacks. It is expected that cyber defense systems will be in demand in the coming years.

Global problems that IoT solves

Using the Internet of Things to promote environmental sustainability is a growing trend, and the range of applications for this emerging technology is also expanding. Let’s now take a closer look at the environmental problems that the Internet of Things helps solve.

  • Changing of the climate

Climate change occurs as a result of poor energy management, air pollution and harmful emissions. Fortunately, IoT technology can control all of these factors.

By managing energy consumption, monitoring air pollution levels and analyzing their causes, and reducing harmful CO2 emissions through traffic control, IoT minimizes the greenhouse effect and helps control global climate change.

  • Water crisis

Humanity lacks water: According to the UN, billions of people could face water shortages by 2025. IoT technology helps reduce water consumption by as much as 50% by eliminating pipe leaks and monitoring consumption.

Smart irrigation using IoT sensors is also one of the effective ways to solve the problem of water shortage.

  • Agricultural concerns

Agriculture is one of the most resource-intensive industries, which also has a large impact on the environment. With the world’s population growing and nutritional needs constantly changing, agricultural companies are looking for ways to increase production with limited resources.

Using sensors to collect metrics about the health of soils, weather, plants and livestock, and farm equipment is one example of how IoT can improve sustainability and contribute to the development of smart agriculture.

  • Waste management

Smart waste management is also one of the most prominent areas of IoT and an integral part of the smart city ecosystem. By placing sensors in trash cans, waste management companies can track when trash cans are full, schedule trash collections, and optimize driver routes. This approach is not only economical, but also more environmentally friendly.

  • wild nature

With so many animal species on the brink of extinction, technology must come to the rescue. Recent successful cases of using the Internet of Things to restore some endangered species allow experts to be moderately optimistic.

Tracking the remaining animals using collars and drones to determine their location has already contributed to the success of conservation campaigns for the Iberian lynx and the African rhinoceros.


IoT is already bringing a lot of new things into our lives. Thanks to this still evolving technology, it has become easier to solve everyday problems, make transactions, travel, take care of your health and even make purchases.

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