IoT Monetization Market Forecasts to 2028 - Global Analysis By Component (Services and Solutions), Organization Size (Small Enterprises, Medium Sized Enterprises and Large Enterprises), Business Function, Deployment Type, Application and By Geography

According to Stratistics MRC, the Global IoT Monetization Market is accounted for $101.8 billion in 2022 and is expected to reach $1040.2 billion by 2028 growing at a CAGR of 47.3% during the forecast period. The Internet of things (IoT) monetization (IoT) is a process that enables service providers to make revenue through the sale of the data produced by IoT-connected devices. Data processing is made easier and quicker by internet-connected devices. It has a number of benefits, notably increased productivity, enhanced reengineering processes, and expanded market reach. The retail, information and technology (IT), telecommunications, manufacturing, transportation and logistics, healthcare, energy and utilities, and banking, financial services, and insurance (BFSI) sectors are just a handful of the industries where IoT monetization is used extensively.

Market Dynamics:

Driver:

Growing adoption of cloud platform

IoT devices benefit from cloud computing because it offers a platform for data exchange and collaboration. This makes it simpler to manage a large number of devices and enables users to access their data from any device with an internet connection. To maximise the advantages of IoT architecture, cloud computing aids in storing and analysing this data. It is fuelling the market demand by lowering the boundaries between IT and OT.

Restraint:

Lack of communication standards

Interoperability concerns brought on by a lack of standardisation can cause compatibility issues and limited usefulness. The growth of the IoT adaptation market is influenced by elements including the absence of consistent communication rules across phases and the lack of force-capable devices. In addition, the shortage of energy-efficient equipment is impeding industry expansion.

Opportunity:

Rise in government funding

Smart cities and smart nations are made possible by IoT. This covers community upkeep and infrastructure improvements. Government agencies will be able to interact with citizens more effectively through the use of IoT and AI. To provide quantifiable economic advantages, the government is heavily investing in IoT monetization. The monetization of their data results in an upsurge in income and an overall reduction in costs. These aspects are raising government funding and propelling the market demand.

Threat:

Security and privacy of data

Many Internet of Things (IoT) devices don't encrypt the data they transport, which makes it possible for network intruders to capture passwords and other sensitive data sent to and from the device. The main security and protection concerns in IoT are verification, identification, and device heterogeneity. Reconciliation, flexibility, a moral correspondence system, action plans, and surveillance are all significant challenges hindering the market demand.

COVID-19 Impact:

A few firms have been severely impacted by the COVID-19 pandemic, while the majority of others have been negatively impacted. The disease spread fast across the globe. Organisations have allowed their employees to work remotely during the pandemic, which has increased the use of conferencing platforms and positively boosted the growth of the IoT adaption market.

The solutions segment is expected to be the largest during the forecast period

The solutions segment is estimated to have a lucrative growth, due to increasing adoption by business organizations. Enterprises incorporate IoT monetization solutions to either distinguish their core product and service offerings or monetize IoT through revenue-generating goods and services. Its benefits such as efficient management and automation are driving the segment's demand.

The manufacturing segment is expected to have the highest CAGR during the forecast period

The manufacturing segment is anticipated to witness the fastest CAGR growth during the forecast period. IoT monetization solutions provides numerous benefits in manufacturing industry such as streamline operations, reduced cost, improved customer acquisition and retention, and new sources of revenue. It increases efficiency and reduces errors. Its predictive maintenance and improved safety in manufacturing sector are fuelling the segment's demand.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. The IoT adaptation market is dominated with a significant portion of the market share attributed to the concentration of IoT companies in the region. It is anticipated that contemporary areas in this region would execute unique innovations at an increasing rate to accomplish their routine responsibilities. Additionally, the widespread rapid adoption of new technologies is much accountable for this region's domination.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the rising usage of IoT-enabled devices in its developing nations. Due to the increasing use of IoT technology in the region's automotive and mechanical industries, this region is expected to have the fastest growth throughout the predicted time period. Additionally, the growing digitization trend in emerging public business sectors like China and India is expected to drive the growth of the IoT adaption market.

Key players in the market:

Some of the key players profiled in the IoT Monetization Market include: Cisco Systems Inc, IBM Corporation, Intel Corporation, Oracle, Google, Microsoft, Thales Group, Nokia, SAMSUNG, Infosys Limited, CSG Systems International Inc, Netcracker, Magnaquest Technologies Ltd, Tata Consultancy Services Limited, Gemalto NV, PortaOne, Inc, JeraSoft, Robert Bosch GmbH, General Electric Co and SAP SE.

Key Developments:

In March 2023, Cisco and the Telenor Group announced an expanded partnership through the fifth iteration of their Joint Purpose Agreement (JPA)-to advance strategic priorities that benefit markets in which the companies jointly operate, including Environmental, Social, and Governance (ESG); as-a-service and automation innovations; and cybersecurity and multi-cloud as-a-service.

In February 2023, Intel launched the 4th Gen Intel® Xeon® Scalable processors with Intel® vRAN Boost, delivering 2 times the capacity gains gen over gen within the same power envelope and up to an additional 20% power savings with integrated acceleration, meeting critical performance, scaling and energy efficiency requirements.

In February 2022, IBM announced that it has acquired Sentaca, a leading telco consulting services and solutions provider. The acquisition will accelerate IBM's hybrid cloud consulting business, adding critical skills to help communications service providers (CSPs) and media giants modernize on multiple cloud platforms, innovate, and transform their businesses.

Components Covered:

• Services
• Solutions

Organization Sizes Covered:

• Small Enterprises
• Medium Sized Enterprises
• Large Enterprises

Business Functions Covered:

• Operations
• Supply Chain
• Finance
• Information Technology
• Sales & Marketing
• Other Business Functions

Deployment Types Covered:

• Cloud
• On Premise

Applications Covered:

• Industrial
• Retail
• Automotive
• Transportation
• Banking, Financial Services & Insurance (BFSI)
• Energy
• Agriculture
• Building & Home Automation
• Healthcare
• Consumer Electronics
• Manufacturing
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances