Whether it’s about developing a web or mobile application, the increasing innovations in technology are boldly paving their way in the market and challenging businesses to look for the new technologies to survive in this cut-throat competitive market.
So what’s next is awaiting at your doorstep?
If you are not living in the caves, you must hear about the Internet of Things(IoT). But what exactly is it? How will they affect your business in future?
Well, the Internet of Things is nothing, but a unique technology that allows you to get connected with various electronic or digital devices with the help of wireless networks. As IoT-powered devices used to gather user information with the help sensors and unique identifiers(UIDs), they have the ability to transmit the data over a cloud server.
On the one hand, IoT is transforming our lives at every step and making it far more comfortable. On the other hand, it is easily applied in almost every business sphere, increasing revenue and providing better opportunities to the businesses.
How Does IoT Can Affect Your Business in Future?
IoT is significantly revamping the business trends by merely connecting devices and sensors to the internet.
If you are thinking that IoT is just limited to turning up a kettle through an IoT mobile app or operating smart home appliances remotely, then you know the half-truth.
The forecast from the Statista in 2019, says that the total number of devices connected to IoT was 26 billion which is projected to increase by 30.73 billion smart devices globally by 2020.
On one side, IoT based mobile apps are turning objects into smart appliances, on the other hand, they are making their way to enter different industries and generating enormous opportunities for the businesses.
Yes, you got it right- The Internet of Things is the next big thing that can blow your business away with the full range of benefits and capabilities. So in this blog, we will discuss everything from emerging trends in IoT 2020 to ideas for businesses.
So let’s get started with the trends in IoT applications:
1. Blockchain in IoT
Now, we all know how IoT technology is working and how it can advance our lives in its way. But, you can’t deny this fact that the success of the IoT applications is completely based on the information data that processes the entire IoT lifecycle.
IoT technologies are embedded with the mini-computers inside them and processing their information with cheap sensors and interconnected things that help them gather a huge amount of real-world data. But, before the introduction of blockchain to the IoT, all that information is monitored and controlled in conventional ways.
And the scariest thing about this lifecycle is the lack of security locks and centralised control of the data, that ultimately increase the risk of data security. That’s where blockchain comes into the role and creates a decentralized network to manage and store the data virtually and eliminate the risk of data theft.
The implementation of blockchain is one of the latest trends in IoT 2020 that can help you streamline the overall data processing and minimize the risk of delays. With the help of app developers in India, you can easily tie the blockchain technology with the IoT to meet the future needs of the market.
2. Big Data in IoT
While Big Data and IoT are two different technologies but now it’s time to interrelate them to simplify the data processing of the IoT powered devices.
IoT devices are basically developed with the aim to track user’s real-time activities. Using interconnected devices and sensors, IoT devices function to gather, analyze, share and transmit data. Moreover, it won’t be wrong to say that the success of the IoT devices are only based on the information data that they gathered and processed.
With the changing business scenarios as IoT ideas can be applied in every sphere of our lives including home, transport, hospitals, education, education and so on, therefore there will be a massive data flow which can’t be processed with the traditional computer systems. It requires another level of computers with the capabilities to deal with velocity, volume and variety of data.
Before you jump on some advance level of computer generations or analytical platforms, Big Data Technology is here to take the momentum.
Using intelligence, Big Data collects, accumulates and analyses the vast data in a real-time to help you make an informed decision.
3. Artificial Intelligence in IoT
Well, there is a lot of noise around AI technology these days, so you must be confused and curious to know the role of AI in IoT.
You may find a lot of articles written on this topic, but here I’ll put it in simple and straightforward words. AI is expected to perform tasks that were earlier limited to Human Intelligence including chatbots, language understanding, speech recognition and so on.
On the other site, IoTs refer to the devices that are corley based on interconnected devices and transfer the data through a network. IoT technology never required human-to-human or computer interactions, but still making changes in our life.
While IoT’s functionality is based on the flow of data between devices, this where AI comes and helps in making sense of this data. AI is not only the key to take the entire process to the next level, but also help you aggregate the flood of data with the capabilities of analytics.
Any IoT app development company will help you develop applications with a unique blend of IoT and AI by keeping in mind your business needs.
4. Machine Learning in IoT
In the past few years, IoT has made various changes not only in our lives but also in businesses. It brings the end number of smart devices to life and making machine to machine communications far simpler.
If IoT is into gathering information through the interconnected devices, then Machine Learning helps you to make reliable predictions based on the outcomes of various situations.
There is usual analytics that can help you make predictions, but they are static. Whereas, Machine learning involves various parameters while gathering the data, including age, gender, geolocation, search history, and so on to provide better predictions in future. ML gets better over time, and that’s a pro.
Let me explain you with an example:
There’s an Apple Watch 4 that was launched in 2018 with the electrocardiogram sensor that not only tracks the heart rate but also keeps following its rhythm. In case, if the device tracks something irregular, it will start sending you to push notifications to improve the same along with the suggestion.
The second most important thing about this smartwatch is, it is integrated with accelerometer and gyroscope. So what’s the role of this feature?
If the host accidentally falls or watch will not receive any activity sign in 60 seconds, the watch will send out an emergency call to predefined top five contacts at once.
If you are surprised to see what technology is behind this feature, then it is only Machine Learning. The ability of IoT devices will get better over time if it is compiled with Machine Learning.
So these are the technologies and IoT trends in 2020, that will give a significant push to your business. However, now the central question here is, what kind of IoT business opportunities for you in 2020?
What Are the Top IoT Business Opportunities in 2020?
There is a wide range of IoT startup ideas in 2020, that you can choose to go with. There are vast options, but it is not possible to describe each one in this blog; therefore, we select the topmost IoT business ideas for you. Let’s get started with them:
5. Healthcare And Fitness Industry
The forecast from the Gartner projected that medical and fitness industries could save up to $300 billion and grow by 29% in 2020 with the implementation of IoT devices.
And, I guess there is no wonder to know about this fantastic figure!
We all are familiar with the fitness wearables and about their basic functionalities. How the fitness bands are connected with the internet and make a medical assessment which is highly useful in emergency cases or while visiting a doctor.
But here let’s go to the broader side of these devices. What if that fitness-band passes your training information to the smartphone that evaluates the nutrient level and accordingly suggests you what to eat now… amazing right!
And if you talk about the medical industry, things will be far more extensive than this!
With the implementation of the IoT technologies in modern devices, the average number of patient’s visits can be dramatically reduced. With IoT devices, enables doctors to remotely monitor the health records of the patients, which in return eliminates visiting hospitals regularly.
6. Making Interactive Toys With IoT
In this era, where building smart cars are possible, why not making intelligent toys? Have you ever imagined that toys will talk to you ever? Yes, it’s right.
There is a company with the name of Toymail, that has already leverage IoT technology and integrated it in the toys to make it interactive for kids and adults.
All you need to do is to buy a toy and install an app in a smartphone to communicate with your child anything through that toy and get replies from your child, even when you are at the workplace. It is a great way to be with the child as well as having a fun time together.
7. A Step Towards Adding IoT In Manufacturing Industry
If you are still searching for an idea to how to streamline your manufacturing plant and resolve the common problems before it turns into a blunder, then here is a tip for you.
The Internet of Things is finding its way to convert traditional factories into smart factories where sensors are installed to detect common machinery problems in real time. With the integration of IoT, manufacturers can quickly identify the issues and leads to faster repairs and eliminate the risk of having delays in production.
Moreover, with IoT devices, it becomes easier to keep track of the inventory and production-related issues. When the sensors and interconnected devices track everything, there is a better chance to get a clearer picture of the safety conditions of the factory and have better operational efficiency.
8. Industrial IoT Trends: Smart Cities
There is no denying this fact that every device and aspect of life can be modernized if it is empowered with IoT capabilities. Right from smart cars to traffic lights, intelligent shops to the railway crossing, sensors can sense every sound of the city and have the ability to convert it into a smart city.
Let’s take the example here and learn how IoTs can change our city for the better…
Traffic Controllers: Imagine how convenient it would be if sensors will detect the number of cars on the highway and predict the traffic on particular roads. Besides, they can evaluate the adverse conditions of the roads and help you predict the best routes to move.
If you find it complicated how these things will happen in practical terms, then keep in mind that there are many software development services available out there to assist you.
Summary
In recent years, the Internet of Things has revolutionized the way we live our lives by making things far more straightforward and comfortable for us. However, the functionality of IoT is not just limited to adding more comfort to our lifestyle. Instead, they are fastly paving their way to enter the businesses and improving the industrial standards.
Hopefully, you have understood how technologies are emerging with IoT and what IoT businesses ideas will work in future. If you are ready for a change, then consider these above emerging trends in IoT and conquer the future market with the best IoT business idea.
Let us know which IoT trend and business idea you like the most!
Kristy Hill is a Sr. Business Consultant working with the leading Software Companies in UAE for 12 years. With more than a decade of experience in IT operations, she holds the skills and knowledge of latest software applications and development platforms. Following her passion for writing, she advocates startups, SMEs and developers about the latest software applications.