11 Emerging Business Opportunities In The Internet Of Things Sector

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The Internet of Things (IoT) has been gaining more and more traction over the past few years as connected devices and smart home and office gadgets dominate the market. According to Statista, the IoT market revenue worldwide is projected to climb to over one trillion dollars by 2030.

With this increased revenue comes a number of new ways for businesses to leverage IoT technology. Below, a panel of Young Entrepreneur Council members shared some business opportunities they see emerging in the IoT sector. Keep an eye out for these 11 growing trends in the B2B IoT space.

1. Voice-Powered Technologies

With the growing popularity of IoT devices, the interaction of business with customers is also changing. Take for instance Siri, Alexa and Cortana — who are advanced voice technologies — to perform countless searches as the customer orders. This one area of IoT is going to expand gigantically in the future. So, the tech-savvy business is in a role to grab this opportunity. This voice technology is also going to end the role of customer representatives and virtual assistants. These automated voice technologies can be used to improve customer service, create a high, end-to-end experience and give more efficiency. - Baruch LabunskiRank Secure

2. Retail Data Tracking And Analysis

Recent technological advancements have opened the door to IoT. Your watch, smart speaker and digital thermostat are all connected and the data they acquire can be used to improve your business. Because of the ubiquity of these devices, they can easily be leveraged to provide data from the world of retail. Tracking customer behavior within brick and mortar establishments can become invaluable for business owners. Data can be received from the cash register, store cameras and mobile customer apps and then integrated to form solutions for customer service. For example, if the data indicates peak levels of customer activity at certain times of the day or week, you can use this information to optimize your staffing needs or prepare your inventory accordingly. - Brian GreenbergTrue Blue Life Insurance

3. Cybersecurity

Every endpoint that is connected to the internet is exposed to increased risk and vulnerability. There are many new niche cyber companies emerging and they all claim to protect you and your business in the best way. Choosing the right cyber firm is like “merging houses with someone,” so finding that right provider within all these emerging new businesses will be key for any business. From that, industries such as insurance are adjacent. More and more businesses look to insure their cyber exposure, which comes at a cost. Coverage is very quickly increasing and becoming more selective. These are industries that we’ll see growth in the near future. - Fabi HubschmidMarkaaz

4. Internet Telephony

I work in the office communication space and the office desk telephone has become a super versatile communications hub. To even call some of these devices desk phones or hard phones no longer seems appropriate because making phone calls is only one out of hundreds of features that these phones provide. In the near future, I see even more engagement on that front, where proactive use of social media based on location and proximity will trigger marketers and representatives to engage before there are questions and problems. - Reuben YonatanGetVoIP

5. Real Estate

With e-commerce booming, there are lots of opportunities to invest in industrial buildings. However, many investors are unaware of what most industrial businesses need. If you want to invest, make sure the building has adequate IoT devices. I own an e-commerce business and my building has automated management of inventory. We have IoT sensors and RFId tags installed in inventory systems. We also have smart shelves and temperature-monitoring sensors. These devices have made a significant difference in streamlining our business infrastructure and in the value of the building itself. Anyone looking for new business opportunities could find many opportunities in the real estate side of the IoT boom. - Shu SaitoAll Filters

6. Seasonal Retail

I wouldn’t be surprised if we see more people using their IoT devices to do seasonal shopping this year. More consumers own smart speakers than ever before and most people already use them for shopping. As operating systems refine their voice search software, we will see more people use this technology to shop for loved ones. This will create new jobs for SEO specialists, e-commerce marketing experts and much more. - John TurnerSeedProd LLC

7. Patient Health Monitoring

Patient monitoring in healthcare will emerge. The ability to monitor a patient without them having to come into the office or hospital will surely cut down on overall costs and improve quality of care since in most cases, it can be done in real-time. This is already being done to a certain extent but you’ll likely see an expansion of it, considering its potential. - Andrew SchrageMoney Crashers Personal Finance

8. Virtual Medical Care

The use of IoT in the health sector is worth mentioning because medical services are using it to offer medical care at a distance. So now it’s possible to perform operations or monitor the health condition of patients from remote places, even when the doctor isn’t present physically with the patient. In a way, the use of IoT in medical services has revolutionized the way the health care system works. - Thomas GriffinOptinMonster

9. Inventory Management

IoT can play a significant role in improving the inventory management of retail companies. Storing and tracking goods is one of the most expensive tasks there is in running an e-commerce or physical retail store. IoT devices can track when a stock is down and automatically send an order for replacements. This creates efficiency, saves space and also lowers expenses. The savings are reflected in the final price the customer pays without reducing profits. - Syed BalkhiWPBeginner

10. Senior Care

I think that an important area where IoT can be applied is in looking after the elderly and other people who need care. IoT devices can be used to ensure that they have all their needs related to food and other articles kept in stock without ever running out. Such devices can also help with security and monitoring the health and wellness of people who struggle to care for themselves. - Blair WilliamsMemberPress

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