As more companies use IOT to create a self-learning environment, they’re driving digital disruption in the physical world and new business models are emerging. The internet of things is also driving changes in work processes, productivity improvements, cost containment, and enhanced customer experiences. While IoT offers many benefits to customers through connecting electronics, many experts estimate that more than 80 percent of IoT spending through 2020 will be on B2B applications.
Let’s take a look at the top five IoT business ideas and uses for 2018.
Although we’ve been connecting things with unique IP addresses for over a decade, the commoditization of sensors, processes, and memory now make it possible for everyday things to be more than just connected. Now they can be intelligent. Cognitive computing goes beyond traditional IoT implementations by increasing the amount of data to improve the learning environment.
This increases the possibilities of what can be done with analytics, like making sensors capable of diagnosing and adapting to their environment without the need for human intervention. Cognitive IoT also offers the ability to combine multiple data streams that can identify patterns and give much more context than would otherwise be available.
Software as a Service (SaaS)
Software as a service is becoming a very viable option for IoT implementations that still require on-premise solutions. The SaaS approach offers companies the ability to quickly create and provide a variety of IoT scenarios at lower investment levels. SaaS brings many benefits to IoT deployments like allowing organizations to realize the benefits of the internet of things more quickly and allowing them to discover new insights and unleash machine learning in a matter of hours, not months or years.
Implementing IoT SaaS also provides a lower entry cost by making it easier to start slowly and grow a solution over time. Software as a service can even help companies push their IoT projects further and experiment more with IoT technology as it offers an increased amount of flexibility.
One of the best IoT business ideas of 2018 is IoT security. Security has become very important to more and more people and as IoT technology connects every device in our lives, IoT security is essential. IoT security requires a multi-layered approach so all participants in the IoT ecosystem, like device manufacturers, application developers, consumers, operators, integrators, and enterprise businesses, are responsible for the security of devices, data, and solutions.
The best way to ensure this multi-layered approach is successful is to ensure that hardware, firmware, software, and data stay secure through the entire lifecycle of the product. By addressing all security challenges, IoT’s full potential can properly be reached.
The internet of things and blockchain were probably the biggest buzzwords of last year and they have only gotten bigger. Blockchain technology is playing a major role in advancing security, making transactions more seamless, and creating efficiencies in the supply chain. Blockchain technology is beginning to be leveraged in many ways like allowing companies to build trust with their customers and partners much more easily.
With a record of transactions and data from devices being stored on blockchain technology providing proof, trust is easily built between people and parties that work together. Blockchain technology, combined with the internet of things, also enables participants to reduce monetary and time commitment costs by removing the middleman. This also accelerates transactions by enabling more transactions overall.
Thanks to the internet of things, digital data holds the promise for companies to eliminate guesswork and start fully understanding operations. An estimated 54 percent of companies have begun to prioritize digital assets to monitor product quality, predict failures, and optimize manufacturing.
A digital twin is a key tool that improves operations with digital data. This technology is helping organizations bridge the divide between the digital and physical world. This technology not only gives insights into changes required for the future and helps companies leverage their IoT investments, but it also serves as a type of looking glass into what’s happening within physical assets.