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IoT business ideas with low investment, suggestions?

Question asked by Prerana basapally in #Startups & Business on Oct 3, 2018
Prerana basapally
Prerana basapally · Oct 3, 2018

As now market is fully automated(iot),I want to be a part of that automation,,with strong profits and develop my own company with it. But before I would like to train into it.? 

Posted in: #Startups & Business
Kaustubh Katdare
Kaustubh Katdare · Oct 4, 2018
Rank A1 - PRO

IoT is an interesting domain and has a lot of potential in the coming days. However, before you jump in - I'd strongly recommend that you should first understand a bit more about IoT. It involves Machine Learning, Blockchain, big data and several other technologies.

It will be worth investing time and efforts into finding out which part of the IoT ecosystem you'd be operating in. 

There are following domains you might want to consider -

1. Fitness

The fitness industry is growing and IoT is going to play a major role in it. There's a lot of opportunity in developing smart wearables that are connected to the Internet and monitor various parameters of the human body. 

These devices will need to be connected to the medical service providers to handle emergency cases. You might want to think in this direction.

2. Industrial Automation

Yet another growing field that has lot of potential when combined with IoT. Today, the managers are busier than ever and if they could get all the critical business and machine parameters on their mobile devices; they'd be happy to pay for it. 

Can you think of something that allows the small business owners to monitor their factories, assembly lines etc. remotely? That'd be a great business opportunity. 

3. Kids Toys

The toy industry is evolving. Perhaps there is a need for 'smart toys' that help their users be smarter and help with education. There could be interesting toy ideas that are connected to the Internet and help build collaborative network. 

Security and privacy would definitely be an interesting challenge to handle in this business domain. 

I hope this gives you some direction. Feel free to ask more questions. 

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