10 Creative Ways to Drive Revenue with the IoT

Every connected device creates new revenue opportunities for organizations that leverage IoT data effectively. The following companies didn't wait for competitors or larger firms to build infrastructure; they've already started generating revenue within the IoT industry. Here are 10 creative ways to drive revenue with the IoT:

1. Automate Recurring Tasks, Services, and Deliveries

IoT technology can streamline everyday tasks like car maintenance and grocery shopping, offering a competitive advantage. Companies like AdhereTech use IoT to prompt timely actions, such as medication reminders. AdhereTech's connected pill bottles remind users to take their medicine at the right time, eliminating the need for multiple reminders on mobile devices. This innovation simplifies complex, multi-step processes, making daily life easier and more efficient. By leveraging IoT, businesses can automate and enhance routine tasks, driving convenience and customer satisfaction.

2. Universal Passwords via Facial Recognition Software

Around 3.2 billion people have internet access and must manage numerous passwords for emails, streaming services, credit cards, entertainment platforms, and work-related products. Remembering these passwords can be overwhelming and insecure.

Trueface AI offers a universal password alternative through facial recognition software compatible with multiple devices from different manufacturers. This elegant yet secure solution simplifies access, eliminating the need for numerous passwords. Early adopters of this technology can gain a significant market advantage before the Internet of Things fully matures.

3. Using Behavioral Data and Machine Learning for Smart Energy Usage

Most consumers prefer environmentally friendly energy if it's affordable and practical. The Internet of Things (IoT) infrastructure can make green energy initiatives both cost-effective and appealing.

Leveraging big data and behavioral patterns with machine learning is key to reducing our carbon footprint. Smart home systems like Nest help consumers optimize energy use, lowering costs and conserving energy.

Enlightened has developed a product for commercial real estate that optimizes energy use by incorporating personalized employee data into a facility-wide network, predicting usage needs in real-time and scaling energy costs per building.

4. Delivering In-Home Marketing with Big Data

Traditional marketing methods were disrupted by the Internet, which now leverages consumer search intent to capture leads. The Internet of Things (IoT) takes this further by enabling companies to engage in native advertising directly in homes, meeting customer needs without requiring active searches.

Voice search, machine learning, and behavioral data can deliver personalized marketing and sales campaigns for both big-ticket items and household supplies. Personal assistants will become crucial gateways to casual sales in the IoT, bridging enterprise marketing stacks and individual decision-making processes.

Leaders in the technology space have been preparing for virtual assistants to come into the fold since before 2017, speaking to their importance as the link between enterprise marketing stacks and individual decision-making processes.

5. Wirelessly Charging IoT Devices

With tens of billions of connected devices, powering them on a large scale is a significant challenge. Manual charging with cords isn't practical, making wireless solutions essential for the IoT market. Wireless charging is not only convenient but also economical, lowering entry barriers for IoT products and subscriptions.

Humavox has developed a wireless charger using radio waves, enabling users to charge multiple devices without compatibility issues. This innovation could revolutionize industries like travel and tourism, allowing devices to be charged effortlessly anywhere in the world.

6. Connecting Traffic Data, Weather Patterns, and News Alerts with Voice Search

While most people have Google Maps and weather apps on their phones, these apps rarely integrate to provide comprehensive advice. Audi Connect leverages data streams to guide drivers with integrated weather, traffic, and news updates through a voice interface for hands-free operation.

Currently available in Audi's newest vehicles, this technology is expected to become more widespread as the IoT industry matures and becomes more affordable. This integration will likely drive competition, offering opportunities for other automakers and specialty software companies to innovate similar solutions.

7. Home Security Without Invading Privacy

Connected devices have revolutionized home security, but they've also raised privacy concerns. While many parents feel secure with video surveillance for pets and babysitters, constant monitoring is unwelcome when they’re home. Vayyar addresses this issue with a product-as-a-service that records home "events" without intrusive video. These events include:

• Opening doors
• Turning on lights
• Running water
• Opening windows
• Adjusting heating or air conditioning
• Accessing a computer

This approach could set the standard for smart home systems in the IoT future, offering security without compromising privacy.

8. Building Smart Cities to Save Money for Municipalities

The IoT market attracts not only consumers and businesses but also governments, which see its potential to revolutionize infrastructure. Miovision has developed a product that enhances existing infrastructure with data-gathering and traffic coordination capabilities, paving the way for smart cities.

Improving traffic flow at the street level can save a moderately sized city hundreds of thousands of dollars annually in maintenance and labor costs. This technology speeds up traffic, reduces commuting times, and complements the connected car industry by providing real-time traffic data for mutual benefit.

9. Merging Office Communications with Wearable Technology

Coordinating hourly workers in large enterprises has always been challenging, requiring updates on schedules, memos, crew changes, and facility notices. While smartphones offer some features, most solutions fall short.

Theatro developed an employee communication platform focused on voice communication instead of email. Large teams can now use unobtrusive wearable technology, replacing speaker systems and walkie-talkies. This improves in-store customer experience and enhances the reliability of employee communication, eliminating the need to physically locate team members across large facilities.

10. Clothing That Tracks Biometrics

Smartwatches are not the only wearable technology available. While they track heart rates, steps, and calories, the IoT will bring more advanced wearables.

Imagine socks that detect strain before an injury occurs or jackets that make secure payments without a PIN. The next era of wearable technology will delve deeper, enhancing health monitoring, authentication, finance, and user data insights, adding new layers of complexity and functionality to the health vertical and beyond.

Conclusion

The Internet of Things (IoT) offers numerous opportunities to generate revenue through innovative applications across various industries. From smart energy management to personalized in-home marketing, IoT technology drives efficiency, enhances customer experiences, and creates new revenue streams.

The IoT's potential is vast, but success requires a scalable financial infrastructure to support thousands of users and billions of devices. To learn more about leveraging IoT for business growth, download our report on deriving value from the Internet of Things and discover how to scale your business model in a connected world.