Effortless device communication, seamless data exchange, and ever-evolving cities, factories, and infrastructure. These are just a few prospects the Internet of Things (IoT) brings. No longer limited to smart homes, this tech offers plenty of IoT business ideas, transforming how companies operate.
The Internet of Things global market will reach $621 billion in 2030, tripling its size in just a decade. It is likely the next big thing in healthcare, manufacturing, energy, agriculture, and numerous other sectors.
The global IoT market share by industry in 2021, Fortune Business Insights
Want to learn more about IoT business opportunities? Check out 20 viable ideas for your startup prepared by our team. As an experienced IoT consulting services provider with 2Smart Standalone automation platform, Propuskator ACS, smart greenhouse, and more IoT projects in our portfolio, WebbyLab will drive your company to success.
The Internet of Things brings several innovative approaches to the business environment. Let’s look at the transformative impact of this tech.
Connectivity is one of the Internet of Things’ key features. The IoT enables data transfer between connected devices and the cloud. It applies to various industries, for example, medical wearable IoT devices interconnection or vehicle-to-vehicle communication in the transportation sector.
Companies receive notifications from connected devices about possible malfunctions or the current status of processes as one of the IoT business opportunities. For example, agricultural businesses may get alerts on changes in water levels, weather conditions, and beyond.
Considering the significant number of IoT sensors available, efficient real-time data collection and analysis is the future. Companies can measure and study anything, from air temperature to pump pressure — all of this remotely.
Connected devices exchange information not only among themselves. If necessary, they can be connected to the cloud or other services and carry out data transfer automatically. It’s like the Apple Watch calls the emergency in case of a person’s sudden fall or collision.
When using this technology, it’s also critical to correctly draw up a business plan for an IoT startup. Here, everything will depend on the IoT product idea.
As you’ve learned what the future might hold for companies adopting the Internet of Things, it’s time to move on to the potential use cases. Here are the best 20 IoT business ideas in 2023.
Using the Internet of Things in agriculture is a decent idea. Businesses can automate various procedures like irrigation, fertilization, and crop management. They can collect weather and plant health data for more efficient processes. Climate FieldView already does that by offering solutions for data connectivity and visualization for farmers.
One of the best Internet of Things business ideas includes weather service. This innovation uses various IoT sensors for measuring temperature, humidity, and other climate conditions for real-time weather forecasting. For instance, IBM’s Weather Company collects data from an extensive network of weather stations and IoT sensors to deliver hyper-accurate weather predictions.
This idea is not new but highly relevant. Creating a similar project is profitable as we move to the smart home era, where all household appliances and gadgets connect. WebbyLab’s 2Smart Standalone platform is a decent example of an intelligent home solution. Want to discover more ways to make your house innovative? Read our article on smart home automation ideas.
You can create an IoT-powered alarm clock to perform more functions than just waking people up. With the Internet of Things, such a clock can connect with the associated mobile or web app. Thus, users may customize their schedules and other activities. Or look at Lenovo’s Smart Clock that integrates with Google Assistant. It allows users to set alarms with IoT voice commands, control smart home devices, stream music, and access various Google services, all from their bedside.
Other innovative IoT startup ideas include air quality monitoring. You can deploy sensors that measure ozone, carbon dioxide, sulfur dioxide, nitrous oxide, and other air components for better environmental control at your facility. All of it is possible through our 2Smart Standalone solution.
This business idea is becoming more and more relevant due to the increase in cars and the need for parking spots. City administrations can solve parking issues by implementing IoT in urban areas. The technology will monitor available parking spaces in real time, so drivers can find a suitable slot faster and easier. Solutions like ParkMobile and SpotHero already fulfill such tasks.
Other IoT ideas for business include a smart door system. It sends instant alerts when the door opens or closes and enables remote door control. Our access control system, Propuskator, is an effortless way to automate door management. For more information on such solutions, check out our guide on the top 10 features of modern ACSs.
IoT-based traffic management systems like Siemens Mobility can track vehicles and plan the most efficient routes. They unburden the roadways, collect data on the most blocked roads, and find ways to manage them better. Local authorities, transportation, and logistics companies may benefit most from such solutions.
The life-saving idea is to build a gas or water leak detection system using IoT. You can place sensors on pipes and connect them with an app, and the IoT devices will send instant alerts when they detect leakages. Smart energy solutions by Honeywell have such a feature included.
Smart cities or businesses can use the Internet of Things to manage waste. They may improve the overall waste-gathering process by installing sensors on garbage cans to track the garbage amount. Bigbelly did just that by providing trash and recycling bins connected to the cloud for instant updates on waste levels.
The IoT consumer electronics segment is booming with startups and established businesses. There are numerous successful cases and IoT startup ideas that work.
An iconic example is the Google Nest thermostat, which covers a single task but still is an in-demand solution. Sonoff’s success relies on simple yet effective devices like smart relays and sockets that can be controlled remotely. Local Ukrainian companies like Ajax have evolved from security systems to full-fledged smart home ecosystems. Giants like Xiaomi and Tuya offer a vast range of IoT devices for diverse tasks. WebbyLab’s smart lamp, WOW Fire Lamp, also found its place in consumer electronics. So, the possibilities are limitless.
Creating an anti-theft system using IoT is another project you can tackle for starting an IoT business. You can place sensors on the door locks, gates, etc., to control access like in our project Propuskator, and use motion detection devices on the property to ensure security.
Manufacturers can consider creating security robots and connecting these devices with mobile or web apps for remote online management. The WebbyLab team has worked on the home security robot, which also allows for video surveillance.
Healthcare facilities can hop on the best IoT innovation ideas. One of those includes health monitoring through the Internet of Things. Such a project involves building an IoT app and connecting it with wearable medical devices to track patients’ health indicators in real-time. For example, the Philips HealthSuite platform gathers and analyzes data from various sources and devices for better diagnostics, treatment, and monitoring.
The Internet of Things optimizes energy management in various industries. Businesses can collect real-time data through light, temperature, and other sensors and reduce energy use with solutions like Schneider Electric.
Other business ideas using IoT technology include creating a flood detection system. Solutions like FloodMapp monitor various environmental parameters: temperature, humidity, water level, and weather forecasts. As a result, they help predict and detect floods for timely response to them.
This business idea for the Internet of Things is perfect for smart cities. City administrations can equip their transportation hubs with various IoT sensors and devices for increased passenger convenience. For instance, they can only turn on the lights when people are at the transportation hub. Or they can leverage Clear Channel Outdoor displays to provide real-time bus arrival info and weather forecasts and show ads.
Retail and commerce businesses can leverage IoT to implement automated checkouts at stores or supermarkets. Such checkouts allow customers to scan the QR or barcodes of the products and proceed with their payment without a human medium. Amazon Go stores don’t even require their customers to scan anything; buyers can pick up items they want and simply walk out.
Growing plants with IoT has emerged as a promising idea for both commercial and personal use. Small to large-scale companies can install greenhouse controllers or smart greenhouses like the one WebbyLab created for better efficiency and automated plant cultivation.
Other instances may include smart grow boxes and hydroponic systems, thanks to which people can grow greens and vegetables within their apartments. Hydroponic towers accommodated in shipping containers have also gained traction. They allow farmers to manage the cultivation while shops directly sell freshly cut greens, benefiting from the system’s success.
Wearable devices are lucrative IoT business ideas for startups. Companies can create smartwatches, fitness trackers, or medical devices — the possibilities are immense. Take, for example, Fitbit, an enterprise that produces various gadgets to monitor physical activity, from pedometers to heart rate monitors. Want to delve deeper into this business idea? Read our post on the latest wearable IoT trends for personal and business use.
WebbyLab has robust experience and expertise in developing entire Internet of Things home automation systems and smaller IoT-based home automation devices and solutions. WebbyLab also specializes in providing cutting-edge IOT smart parking solutions, leveraging their extensive experience in IoT technology.
Once you’ve discovered the numerous IoT business ideas for startups, you’ll need to delve into the intricacies of IoT project cost estimation to determine the financial feasibility and plan your budget effectively. See how we bring some of the IoT smart solutions to live:
The client, a heat pump manufacturer, turned to our team to modernize their existing products, which weren’t IoT devices.
Heat pumps offered an interface attached to each pump, and its main inconvenience was the impossibility of changing the heating mode remotely. Hence, consumers had to do it manually directly in the technical room. Moreover, our client needed to ensure the secure collection and storage of telemetry data.
Our team revised the firmware on heat pump microcontrollers as a solution, adapting it to connect to the white-labeled cloud. It allowed end users to use a mobile application for remote control and maintenance from anywhere with the Internet. Thanks to this solution, we were also able to provide the client with tools to gather and store telemetry.
Consequently, our customer made their products more competitive with minimum expenses.
Consumer mobile app for remote heat pump management and maintenance.
WebbyLab contributed to the agricultural industry by delivering a smart greenhouse solution based on the 2Smart Standalone automation platform. Our project uses various sensors to track the following indicators:
Tracking the greenhouse parameters via the dashboard.
2Smart Standalone enables dividing the greenhouse into several zones with their specific microclimates and parameters. Users can remotely adjust heating, ventilation, watering, lighting, and fertilizer delivery through a convenient admin panel or mobile app.
Adjusting the greenhouse settings through a user mobile app.
Our team worked on a smart home automation project based on our 2Smart Standalone platform. We deployed such systems in the houses of our managers and specialists, considering that the homes will be smart already at the construction stage. Thus, we installed sensors and proximity switchers and laid necessary communications at the beginning.
We placed a mini computer in each house and connected it to the 2Smart Standalone platform and IoT sensors and devices. The WebbyLab team configured the following scenarios:
Configuring smart home parameters via the 2Smart Standalone automation platform.
The platform enables setting up other scenarios and connecting various IoT devices and sensors through protocols. You can effortlessly fix this if the protocol is not supported by writing a bridge. Thus, 2Smart Standalone suits various projects beyond home automation, for example:
Our project, Propuskator, allows for controlling gates, barrier drives, and electric door locks. After installing such a controller to manage a garage door, pair it with our 2Smart Cloud mobile application via Wi-Fi or GSM.
As a result, the user receives all the features of an IoT device based on our platform:
Propuskator access control through a web interface.
The WOW Fire Lamp is an Internet of Things device created by the WebbyLab team. It’s a startup project, an LED lamp that imitates flames. This product can be managed remotely through a mobile app.
Assembling smart WOW Fire Lamp in WebbyLab office.
Our team has performed R&D for the home security robot project. We delivered a prototype that can provide basic security functions and remote video surveillance at the facility. Our experts concluded that this business idea is viable and that such devices can replace security guards at commercial and residential buildings.
Assembling security robot prototype.
Prototype of a commercial security robot.
As seen from the case studies above, WebbyLab is an experienced IoT software development company. We’re also a trusted IoT consultant with over four years of expertise in this niche. Our team can implement all IoT project ideas mentioned today or help with your cutting-edge concept.
By cooperating with us, you can get a project of any complexity. Whether these are industrial IoT monitoring systems, energy management solutions, or smart home technologies — our experts can tackle these dev tasks.
We’re also proud to have successfully launched three IoT products of our own. If interested, check out our 2Smart Standalone, 2Smart Cloud, and Propuskator. Or find more IoT solutions we delivered for our esteemed clients in our portfolio.
Elevate your entrepreneurship to a new level by leveraging the best Internet of Things startups ideas. Leverage this significant driver of business success that helps with real-time data collection and analysis, device connectivity, and better productivity.
Hop on the Internet of Things niche to increase your profits and competitiveness. If you want to implement any of today’s business ideas or have yours, contact WebbyLab for further assistance. Our expert team will use its profound experience in IoT and the latest technologies to make your project live.
Written by:
Head of IoT at Webbylab
With a robust academic background in Telecommunication Systems Engineering, I apply my knowledge to lead innovations in the IoT domain. Starting as the first team member in the newly formed IoT department at WebbyLab, I've spearheaded its growth, fostering the expansion into embedded and hardware development alongside our core software projects. My dedication lies in pushing the boundaries of IoT technology, fostering a culture of innovation and excellence that profoundly impacts our clients' operational success.
Almost all industries can take advantage of the Internet of Things. But this technology is the most beneficial for the healthcare, agriculture, manufacturing, transportation, and finance sectors.
The most prominent future IoT trends include connecting the Internet of Things with big data, machine learning, artificial intelligence, and blockchain. All these solutions aim for more efficient data collection and analysis, increased security, and smarter operations.
First of all, you should research the market and come up with a unique IoT project concept. After that, you can contact a reliable IoT vendor like WebbyLab to develop your Internet of Things solution.
Generally, there are substantial IoT business opportunities. But your company’s success depends on a well-thought-out concept and proper implementation.
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