The most profitable business to start in 2018, 2019, or 2020

An Internet of Things company.

Internet of Things (IoT): a network of physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these objects to connect and exchange data.[1]

The Internet of Things has been increasing in popularity, with companies in its market attracting big name investments

This is not to factor in the industry as a whole’s booming growth.[2]

Now, let us take a look at 3 of those who have succeeded in this market.

3. Tile[3]

Tile is a bluetooth-connected valuables-finder. It connects with your phone via Bluetooth. This allows the user to be able to locate their belongings easily. It has raised 2.6 million in its initial crowdfunding campaign[4] , and has raised a further 25 million in a subsequent campaign.[5] It has sold 2 million of its product within just a year and it now has a market valuation of 141.67 million dollars.[6]

2. Skybell

Skybell is an IoT smart lock which locks doors with a simple click on your phone. It uses state-of-the-art technology to prevent break-ins and thefts.[7] It also enables users to be able to answer their door at the convenience and comfort of their smartphone.[8] It has achieved wonderful success in its funding stage and has received $100,000 in its first 9 days of crowdfunding.

And now for the most significant one…

1. Amazon Alexa

The Amazon Alexa has been the cornerstone and centerpiece of the IoT market. But hold on, isn’t it a smart assistant, not IoT product? Well, in recent years, the two markets of smart assistant and IoT markets have intertwined It was not the first smart assistant in its area, with Siri in 2011, Google Assistant in 2012 and Microsoft Cortana in 2013. However, Amazon Alexa was the first to truly be able to do functions and to offer an actual physical speaker.[9] It can play Spotify, do your groceries with affiliated Amazon Basics and control IoT devices such as lampshades, Philips hue lightbulbs and Nest thermostats. Thus, Amazon Alexa is viewed as the Homeport of the modern home, to control all of its IoT devices. It now owns 71.3% of the Smart Assistant market. It is also estimated that 8.2 million people own Amazon Echo, not bad for a single product. And that’s just the low-end model. And Alexa is also extremely capable too. It is able to perform a whopping 25,000 skills, which has helped it achieve its dominant position.[10] Thus, I feel that Amazon Alexa is the most successful IoT product thus far.

Hence, I feel that the IoT is a perfect makret in the near future. My verdict. Act fast before the market gets saturated.