Global IoT Monetization Market Analysis 2022
The Global IoT Monetization Market is expected to reach $4,941.54 billion by 2028 growing at a CAGR of 51.1% from 2021 to 2028. IoT monetization is a process that genres revenue from the IoT-enabled products and services by securing the IoT data and generating the data from IoT connected devices. It assists companies in gaining an advantage over competitors by utilizing their data effectively. Internet connected devices contribute to the faster and more convenient processing of data. These solutions provide operational and economic efficiencies to the organizations. Numerous benefits provided by IoT monetization solutions such as efficiency, cost-cutting, improved reengineer operations, reach new market, and others. It also helps in-depth analysis of data to streamline output, reduce unnecessary expenditure, and utilize the positive byproducts to reduce waste. As a result, IoT monetization finds extensive applications in retail, information and technology (IT), telecommunication, manufacturing, transportation and logistics, healthcare, energy and utilities, and banking, financial services and insurance (BFSI) sectors.
Factors such as evolution of high-speed networking technologies, increase in the support from government for the promotion of digitalisation, rising market for smart cities and connected cars, surge in the adoption of cloud platform, and increased network of connected devices are driving the growth of the market. However, lack of common communication standards across platforms is restraining the growth of the market.
Based on the end user, industrial segment is anticipated to have lucrative growth during the forecast period. IoT plays a key role in industrial applications. The connection of objects through embedded smart devices or through the use of unique detectors and data carriers assist in communicating with an intelligent supporting network infrastructure and information systems; this would optimize production processes and help in monitoring the entire lifecycle of objects-from production to dumping. By tagging items and containers, greater transparency can be obtained about the status of the shop floor, location and disposition of materials, and status of production machines.
The key vendors mentioned are Facebook Inc., Cisco Systems, Inc., General Electric Co., International Business Machine Corp., Microsoft Corp., SAP SE, Samsung Electronics Co. Ltd., Amdocs Ltd., Gemalto NV, Apple Inc., Oracle Corp., Google Inc., Intel Corp., Infosys Ltd, Tata Consultancy Services Ltd., Robert Bosch GmbH, Thales Group, Nokia Corporation, Telefonaktiebolaget LM Ericsson, and CSG International, Inc.
Business Functions Covered:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook