The Internet of Things is taking over the world. Well, maybe not in a literal global domination kind of way, but just about every “thing” we interact with these days has the potential of becoming part of the growing Internet of Things. This is a big opportunity for companies that produce these products to expand their reach into the rich tech sector.
A toothbrush is worth $5 by itself. A toothbrush that tracks how well you brush your teeth can be sold for many times that amount. The toothbrush company goes from creating plastic handles and bristles to producing electronic devices with transmitters, sensors, and more. This can be a great thing for that company. It expands its reach and makes it a more tempting target for investors.
Under Armour is a great example of a company that has moved in to the IoT game in a big way. On the surface, it’s an apparel company that sells spandex and moisture-wicking clothing that athletes love. In order to make its brand more relevant, it expanded into more aspects of the fitness world. This includes tracking diet and exercise with MyFitnessPal, activity with the UA Band, weight with the UA Scale, and more.
Companies beyond manufacturing and IT are involved
This expansion into the Internet of Things isn’t just a habit of product manufacturers. Even retailers and web service providers are getting in to the mix. Companies like Amazon don’t just profit from sales of IoT devices on its retail site, but in hosting the apps that power them through Amazon Web Services (AWS). Amazon is a leading provider of cloud services, and its variety of cloud services makes it especially appealing to IoT developers.
The possibilities for businesses to find an angle to profit in the IoT sector is virtually limitless. Construction companies that build buildings and roads are beginning to create the foundation for the smart cities of tomorrow. Companies that have long provided the networking technologies that power the Internet are shifting their focus towards IoT-specific projects in anticipation of this massive shift.