Things to consider
Have you decided what parameters you wish to monitor？
Some possible suggestions for the induction motor monitoring are:
Startup current - (is it the expected level, or higher indicating a possible fault, or lower / or no current, indicating power supply failure).
Full Load Current (FLC). - Is the motor running at FLC, and at the manufacturer's stated levels?
Single Phasing Fault situations - (when one of the three-phase wires becomes an open circuit)
Vibration monitoring of the induction motor - This is sometimes done manually, onboard ships for example using a portable vibration tester.
It could be built into the motor design instead, using vibration sensors.
Motor winding temperature sensing - Some Induction motors already have thermistors(resistance varies with temperature) built into their windings.
These thermistors are then connected to an Electronic type OCR (Over-Current Relay), which breaks the induction motor power supply if the windings become too hot (more than manufacturers parameters).
You could instead, monitor the thermistor resistance output using an IOT system (either low data rate wireless, such as Zigbee, Lora, or directly wired to an IOT Internet gateway device).
Motor speed sensing - could be a useful parameter to monitor. Some Induction motors, such as those on ships, connected via an 'Autotransformer', can have variable speed settings. Therefore monitoring might be something you would wish to monitor.
Motor on/off states - Small Induction motors (< 10 Kw) use DOL (Direct On-Line) starter systems. Larger motors, with higher current requirements, most commonly use 'Star-Delta' starting.
You could use IOT to monitor whether the starter was on or off.
All the above ideas, are concerned with monitoring the induction motor.