21 IoT Business Ideas & Opportunities for Business

Internet of Things is a term that refers to a network of interconnected physical devices that have sensors and intelligent software integrated into them to allow data to be exchanged between them through the Internet. On the other hand, IoT isn’t just for regular domestic objects; it may also be used to connect sophisticated industrial objects and systems in industrial software. There are currently over 7 billion Internet Of Things devices in use, which is predicted to rise to 22 billion by 2025!. According to Statista, the global IoT industry revenue will reach over $1 trillion by 2030.

The Internet of Things is a key 21st-century phenomenon. Who’d have guessed that we’d have access to technology that allowed us to connect commonplace objects in IoT applications one day? Such as thermostats, kitchen appliances, door lock systems, baby monitors, and electrical appliances. And we’d be able to operate them from anywhere. There are a lot of IoT business ideas that wait for brave characters to develop an MVP, design an innovative new product, or build startup software to implement them. 

In the article, we want to discuss the way the Internet of Things affects businesses, examine IoT business ideas, and look at their pros and cons. 

How Does the (IoT) Affect Business?

The impact of IoT on business is boundless, and it will soon transform a wide range of industries. IoT is transforming the marketplace for organizations in various industries by offering access to a world of information and service delivery at never-before-seen speeds.

That is why any World-Class IoT Development Company is in such high demand. Here are examples of how IoT will affect businesses:

Working remotely

Suppose your company does not rely on physical inventory. In that case, the future of IoT technology will be beneficial because it allows employees to connect and operate remotely. This increases your business by making your employees happier and more productive.

Perception and Data Sharing

A variety of enterprises use data gathering and exchange to flourish. Businesses may track and record consumer trends with IoT devices, allowing them to provide a better user experience.

Inventory Tracking & Management

IoT advancement would aid different industries like IoT logistics in inventory tracking and management by providing automatically-controlled solutions.

Enhanced Productivity & Efficiency

IoT devices connect every small and significant element of an organization, resulting in increased efficiency and productivity.

Now let’s go to a list of IoT business ideas where we will examine every idea, its concept and consider pros and cons. 

IoT Business Ideas and Opportunities in 2023

1. IoT Technology in Agriculture

As the name implies, this IoT Business ideas aims to create a smart agricultural system that can conduct and monitor a variety of farming chores. For example, you can use your smartphone to programme the system to automatically water a plot of land or spray fertilizers and pesticides on crops.

Pros of IoT Technology in Agriculture

• It enables farmers to optimize yields while utilizing the fewest resources, such as water, fertilizers, and seeds.
• Drones and robots are used in smart agriculture to assist in various ways. This facilitates data collection and aids in wireless monitoring and control.
• Since agriculture is the first element in the IoT supply chain, any improvements in agriculture make the supply chain more efficient. 

Cons of IoT Technology in Agriculture

• Smart agriculture necessitates continual internet access, and most developing countries’ rural areas do not meet this condition. 
• Farmers need to learn how to use smart IoT technology for farming, which sometimes becomes hard. 

2. IoT based National Weather Service

One of the best IoT business ideas for beginners. This Internet-of-Things-based weather reporting system was created to make reporting weather parameters as straightforward as possible. This is one of the great IoT projects since temperature, humidity, and rain sensors monitor weather conditions and deliver real-time weather statistics.

Pros of IoT based Weather Service

• People can pick where and when they want to vacation to take advantage of good weather. 
• It detects disasters or floods and helps people to get evacuated.

Cons of IoT based Weather Service

• Monitoring is costly since there are so many parameters from different sources.
• The computers required to carry out the complex analyses required are expensive.

3. IoT based Automated Home System

The most talked about IoT business ideas is probably home automation. The goal of an Internet-of-Things-based home automation project is to automate the operation of household appliances and objects. Your smartphone may control and operate all of the household gadgets that are connected to the IoT network.

Pros of IoT based Automated Home System

• Convenience increases with just one device; you can control all your smart appliances.
• It saves a lot of time. 

Cons of IoT based Automated Home System

• Installation fees are high, and it is critical to have a stable internet connection.
• Concerns about security

4. Bot that recognizes faces

AI chatbot development company consider this Internet of Things project entails creating an AI chatbot with advanced facial recognition capabilities.

Face detection (perceives faces and attributes them in an image), person identification (matches an individual in your private repository of hundreds of thousands of persons). Emotion recognition is all included in the system (detects a range of facial expressions, including happiness, contempt, neutrality, and fear). If you’re passionate about taking photos, read about how to start a photography business with no money.

Pros of AI chatbot

• AI Bot facial recognition assists us in increasing our safety and reliability levels. It also could be a helpful tool in preventing illness spread.
• It could aid in detecting forged passports and aid in the efficiency of processes.

Cons of AI chatbot

• Concerns about face recognition’s privacy Hackers may steal sensitive information.
• Replace human resources leads to unemployment

5. IoT based Garage Door Automation

This smart garage door system has laser and voice commands, smart notifications, and IFTTT connectivity, allowing you to develop custom Google Assistant instructions. The smart notification feature may send out real-time alerts when the garage door opens or closes, a helpful feature. This is one of the easiest IoT business ideas for you to implement.

Pros of Door Automation

• Home security is an even better benefit. You may program the garage door to open even before you arrive home, saving you time waiting for it to open outside.
• Allow guests to enter your garage or house without a key or a passcode.

Cons of Door Automation

• The installation cost of an IoT system is high as compared to a normal system.
• Electricity and internet are must be needed for operating the system.

6. Intelligent Alarm Clock

This Internet-of-Things-based alarm clock can transform into a fully-functional device capable of doing a variety of activities in addition to waking you up every morning.

Pros of Intelligent Alarm Clock

• This IoT system help person to customize activities on a personal basis and help plan them.
• Suggest better ideas for improving activities by analyzing the data.

Cons of Intelligent Alarm Clock

• The Cost of acquiring a system may be high for ordinary people.
• Limited capacity not been able to do multitasking.

7. Monitoring System for Air Pollution

This smart air pollution monitoring device offers a cost-effective method of air quality measurement. Sensors integrated in the system track five components of the EPA’s Air Quality Index: ozone, carbon monoxide, sulphur dioxide, nitrous oxide, and particle matter. This IoT business idea is especially valuable for the environmental monitoring challenge which is especially acute for humanity in the 21th century. 

Pros of IoT based Air Pollution Monitor System

• It helps in continuous monitoring and provides real-time data.
• It is easily accessible.

Cons of IoT based Air Pollution Monitor System

• It might not be reliable all the time.
• Development and maintenance cost is high.

8. Intelligent Parking System

Finding a space for parking is becoming increasingly difficult as cities and urban areas become more crowded by the minute. It’s not just time-consuming, but it’s also aggravating. Thanks to the Internet of Things, there is a solution to the parking dilemma crisis. These IoT business ideas based on smart parking systems are intended to eliminate extra travel and harassment while looking for a suitable parking spot.

Pro of IoT based Parking System

• Working efficiency is high as compared to human resources.
• It provides a detailed report along with all necessary details.

Cons of IoT based Parking System

• Construction and installation are very high, not affordable by all.
• A scheduled maintenance check is frequently required for the system to function properly.

9. Intelligent Traffic Control System

This Internet of Things (IoT)-based project develops a smart traffic management system that can successfully manage traffic on roadways. While also providing free passage for emergency vehicles such as ambulances and fire engines.

Emergency vehicles can link to this smart system and use it to locate lights and corridors where traffic flow can be dynamically managed. Everybody who uses public or private transport would benefit from the implementation of this IoT business idea. 

Pros of Traffic Control System

• It is very speedy and reliable to control traffic.
• It can prevent accidents or other problems by sending a message to the system.

Cons of Traffic Control System

• Data management and maintenance are high.
• A human resource is required for the handling system.

10. Smart Cradle System

This IoT business idea may look odd, but it still has potential to use. The IoT-based intelligent cradle system includes a cry detection mechanism, live-video surveillance, and a user interface (for mobile or web). Multiple sensors are built into the cradle, allowing it to examine and monitor the humidity and temperature of the bed. The surveillance camera attached to the cradle, on the other hand, will continue to relay footage of the newborn to the parents.

Pros of Smart Cradle System

• It can be accessed from anywhere with the help of the internet.
• It can sing a song and automatically swing the cradle, which gives better sleep.

Cons of Smart Cradle System

• It is not affordable system for everyone
• Lacks human touch

11. Smart Gas Leakage Detector Bot 

A gas sensor is included in this little bot, detecting any gas leaks in a facility. You only need to drop the bot into a pipe, and it will keep track of the pipe’s condition as it moves along. This is one of the most important and successful IoT initiatives.

Pros of Gas Leakage Detector Bot 

• An ai bot detects the gas leakage and warns to take actions
• Provide precise data and location that help to prevent casualties.

Cons of Gas Leakage Detector Bot 

• The Cost of development and maintenance is high.
• It might not be reliable and accurate always.

12. Monitoring System for Streetlights

The list of IoT business ideas would be incomplete if we don’t mention this one. Street lights are fitted with LDR sensors in an IoT-based project, which can detect the movement of individuals or vehicles in the street. Suppose the sensor detects any activity in the street. In that case, the microcontroller sends a signal to the street light, which turns it on. Similarly, if there is movement in the street, the microcontroller turns off the lights. This saves a significant amount of energy.

Pros of IoT based LDR Sensor

• It reduces energy consumption by turning on and off-street lights automatically.
• The use of less energy and CO2 emissions are reduced. So light pollution is reduced.

Cons of IoT based LDR Sensor

• The expense of implementation is substantial. If any fault or repair is complex.
• Environmental conditions have the potential to harm the system.

13. Intelligent Anti-Theft System

This IoT-based security system is set up to track any unexpected movement throughout the whole level of the building. A single movement could set off an alarm when activated, alerting the property’s owners to undesirable guests.

Pros of IoT based Anti-Theft System

• The best thing about this system is that it can be operated anywhere you need the internet.
• It automatically sends a signal at the time of theft.

Cons of IoT based Anti-Theft System

• Theives become smart too, which makes the system not entirely secure.
• The Cost of maintenance is high.

14. Liquid Level Monitoring System 

IoT (Internet of Things) project will create a liquid level monitoring system capable of remotely monitoring a liquid’s level and preventing it from overflowing. The industrial sector, which consumes vast amounts of fluids in its daily operations, will benefit greatly from this IoT business idea. Apart from sensing the level of a liquid, this monitoring system can also track the use of specific chemicals and detect pipeline leaks.

Pros of IoT based Liquid Level Monitoring System

• This IoT technology can remotely monitor and prevent the overflowing of a liquid.
• It can also detect pipeline leaks and track the consumption of specific chemicals.

Cons of IoT based Liquid Level Monitoring System

• Repairing the system is complex.
• It is not always reliable.

15. Robotic Night Patrol

It is a well-known truth that most crimes occur at night. This Internet of Things project intends to create a patrolling robot that can monitor your home and property at night in order to prevent and reduce crime.

The patrol robot is equipped with a night vision camera to conduct a 360-degree survey of a predetermined course. It will scan a specific region. If human faces or movements are detected, it will sound an alarm to inform the user.

Pros 

• This system can detect criminal activities and take immediate action.
• It quickly data and create reports.

Cons

• It requires regular check-ups and service.
• The Cost of the system is expensive.

16. Monitoring System for Health

This is one of the more intriguing IoT business ideas to develop. This IoT-based health monitoring system is intended to empower people to manage their own health actively. Users would be able to monitor their body vitals and submit the information to trained doctors and healthcare experts through the system. Doctors can then provide instant remedies and counseling based on the patient’s health status.

Pros of IoT based Healthcare System

• IoT devices aid in tracking drug delivery and treatment response and reducing medical errors.
• In a medical emergency, real-time monitoring systems via IoT – connected devices and smart notifications can detect illnesses, treat diseases, and save lives.

Cons of IoT based Healthcare System

• The IoT solutions have the potential to be breached or hacked. Therefore security and privacy remain a primary worry preventing customers from embracing IoT technology for medical purposes.
• Sensor and connected equipment performance can be impacted by hardware failure, bugs, or even power outages, putting healthcare operations at risk.

17. Smart Irrigation System 

This Internet of Things project is a smart irrigation system that can evaluate the moisture content of the soil as well as the weather conditions and irrigate the field as needed.

You may use the smart irrigation system to check the moisture level and set a specified threshold for optimum soil moisture. The power will be turned off, and if it starts to rain, the smart irrigation system will turn off automatically.

Pros of IoT based Irrigation System

• It can deliver water with great precision and prevent water waste. Because of the automated handling, the user requires less manpower.
• Sensors can readily monitor and control temperature, humidity, and solar radiation.

Cons of IoT based Irrigation System

• It is a natural occurrence that, despite modern technologies, can become unpredictable.
• While the application of smart agricultural technology is excellent, it comes at a high price.

18. Flood Detection System

This IoT-based flood detection system is designed to monitor and track a variety of environmental parameters (humidity, temperature, water level, and so on) in order to predict a flood and take the required precautions to minimize the damage. Sensors are used in this IoT project to collect data on all essential natural elements.

Pros of flood detection System

• It warns well in advance about the flood. Many casualties will be reduced.
• It analyses data speedily, which reduces the chance of human error.

Cons of flood detection System

• It’s a natural phenomenon that can’t be predicted fully.
• The implementation of this IoT business idea can successfully safeguard property and resources, but it can be costly to develop and operate.

19. Safety Helmet for Miners

Workers in the mining industry labor in exceedingly hazardous situations. Because underground surroundings are rife with dangers, miners must continually be wary of undesirable incidents. A microcontroller-based circuit is used in this mining worker safety helmet to track the mining site’s surroundings and evaluate the workers’ safety.

Pros

• It helps to locate people at the time of accidents while working.
• It gives a clear idea using the data to the workers.

Cons

• The Cost of the system development is expensive.
• Not accessible at places.

20. Smart Energy Grid

Energy grids are currently poorly optimized. When a region’s energy grid fails, the entire area is frequently blacked out. People’s daily activities are generally hampered as a result of this. This is one of the most innovative IoT business ideas. It presents a solution to the problem by establishing a smart electrical grid.

Pros of IoT based Smart Energy Grid

• It cuts down on oil consumption and blackouts on a large scale. As a result, the smart grid offers individuals security by supplying uninterrupted power.
• Smart grids may accommodate rising consumer demand without requiring more infrastructure.

Cons of IoT based Smart Energy Grid

• In a smart grid system, queuing delays or performance are major problems during an emergency.
• Cellular network operators do not guarantee service in unusual scenarios such as a windstorm, severe rain, or lightning.

21. Improved Workspace Safety

This could include sensors placed throughout a work environment to monitor things like temperature, humidity, air quality, and even employee movements. This data could then be analyzed in real-time to identify potential safety hazards and alert management before accidents occur. For example, if a sensor detects a temperature spike in a particular area of a factory, it could trigger an alert to the relevant personnel to investigate and address the issue.  

This type of IoT solution could be especially valuable in high-risk industries like manufacturing, construction, and mining.

Pros of IoT based improved Workspace Safety

• By monitoring various environmental factors and employee movements in real-time, an IoT solution could help identify potential safety hazards before they lead to accidents or injuries.
• By taking proactive measures to address safety concerns, businesses could potentially reduce their liability in the event of an accident or injury.

Cons of IoT based improved Workspace Safety

• Collecting and analyzing data on employees’ movements and behaviors can raise privacy concerns, and businesses would need to be transparent with their employees about how this data is being used.
• Depending on the quality and accuracy of the sensors and algorithms used in the IoT solution, there is a risk of false positives (i.e., alerts triggered when there is no real danger) or false negatives (i.e., dangerous situations that go undetected).

Conclusion

IoT is more of a philosophical concept than a scientific phrase with a defined structure in business. However, it brought together several digital disciplines that had previously only been useful to us singly.

Artificial intelligence, cloud services, high-speed Internet, edge computing, and greater mobile device productivity have all breathed new life into a number of commercial sectors. Customer service has improved, financial transactions have gotten more convenient, and medical and professional fields have become more diverse. It is critical to realize the potential of IoT during this time for people who plan to build a company and those who run a business. We, at SumatoSoft,  have had eyes on and actively implemented the Internet of Things development for almost a decade. And we have to admit that we are fascinated by the way IoT can transform businesses. That is why we decided to make this list of great IoT business ideas to share our experience with you. If you plan to create fantastic IoT Mobile Apps that will boost your business, get in touch. We will help you to make your dream come true.