The Internet of Things (IoT) is here, and with it comes a flood of business opportunities that agile companies can capitalise on! With the global IoT sector forecasted to be worth over US$1 Trillion by 2030, doubling its revenue in one decade, it’s the fastest growing tech and telecommunications sector in the world. And with that in mind, here are the biggest IoT trends to inspire your strategy.

, Trend Alert! These are the Hottest New IoT Business Opportunities

#1 – Smart, integrated health systems 

With the pandemic, the healthcare sector has been driving tech innovation hard – from telemedicine adoption to the promotion of user-friendly fitness and health monitoring devices. The IoT has a significant role to play here, with smart and integrated medical systems that collect real-time data, adapt to user needs, and send alerts in medical emergencies. Some of the most interesting IoT healthcare developments include smart heart rate monitors, insulin pumps, portable defibrillators, and wheelchairs that can be integrated with multiple systems, all helping doctors and healthcare teams better understand patient lifestyles and treat health conditions.

#2 – Agriculture and land/territory monitoring 

Agriculture is an industry that deals with complex and unpredictable challenges, and the data-gathering and analytical capabilities of the IoT are set to help solve these. Using durable, inexpensive sensors, agricultural teams are better able to monitor soil moisture and nutrient levels, predict harvest times, plan crops and livestock more efficiently, track weather conditions, and alert response teams to emergency situations like fires.

#3 – Personal, home, and business security 

As our daily lives, workplace operations, and cities move online, so there are increased risks for hackers and other malicious actors to launch attacks and disruptions. The risks of data security breaches are already high, and they’re only going to get higher. Fortunately, the IoT – combined with blockchain technology – offers the exceptional security that our digital lives require. Using this distributed ledger technology, communications can be secured in real-time, creating a high level of security for data used in everything from smart home systems and IoT vehicles to connected cities, and global trade and transportation.

, Trend Alert! These are the Hottest New IoT Business Opportunities

#4 – Manufacturing efficiency 

Factories and manufacturing businesses operate on a fine profit line with very little room for error. Defective products, machinery downtime, overproduction, and underproduction are challenging to predict and exceptionally costly when they occur. By using IoT sensors combined with machine learning, smart factories gain an incredibly important competitive edge. These sensors can deliver the first indication that a machine or system is not operating as efficiently as it should or that maintenance will be needed, reducing the risk of costly disruptions to the production line. They can also be used to analyse finished products and alert teams as soon as errors occur, minimising wastage. And machine learning can crunch through thousands of gigabytes of data in real-time, analysing relevant trends and forecasting market demand to reduce costly overruns.

Expert IT consulting services for your IoT strategy

At Otto, we pride ourselves on giving tech a human touch. Along with the most advanced tech solutions, security, and support, we offer our clients a strong personal relationship, an understanding of their business, and a commitment to keep our tech simple and affordable as well as innovative. Chat to us today about how we can assist your business through smart IoT solutions that bring your strategy for success to life.

, Trend Alert! These are the Hottest New IoT Business Opportunities

Written by

Jordan Papadopoulos

Jordan is the Chief Commercial Officer at Otto. Jordan is here to help clients remove roadblocks and achieve the business goals they’ve set out. Jordan’s biggest focus is Customer Experience, Business Relationship Management, Risk Management and Strategy.