IoT monetization market is expected to grow from US$ 76.58 billion in 2021 to US$ 865.40 billion by 2028 with an estimated CAGR of 42.0% from 2022 to 2028.
The evolution of Internet of Things has resulted in the progress of technology that once appeared unfathomable. From connected home, smart devices, remote door locks to app-controlled devices, IoT products offer a pool of convenience that help shape daily lives. Internet of Things devices in the consumer market are typically pertaining to products that enable smart homes, e.g., lighting fixtures, thermostats, home appliances, cameras, and home security systems. The new class of products can be controlled from other cloud-connected devices or a smartphone. The Internet of Things technology helps connect various smart devices to ease the operation and data sharing. There are different smart devices, such as sensors, smartphones, and wearable, which collect necessary data from devices, which are further utilized to enhance customer’s experience. The rising need for data analysis and integration of analytics is expected to drive the IoT monetization market during the forecast period.
MARKET DYNAMICS
The rising adoption of IoT technology across end-user industries, such as manufacturing, automotive, and healthcare, drives the IoT monetization market growth. With the traditional manufacturing sector among a digital transformation, the IoT fuels intelligent connectivity's next industrial revolution. This is changing the way industries approach increasingly complex systems and machines to improve efficiency and reduce downtime. The Internet of Things is anticipated to make a massive transformation to various areas, such as replenishing goods. Devices such as connected refrigerators that can automatically place order for milk, cheese, or any other product that is running low are being introduced by major electronics manufacturers—Samsung and LG. Additionally, e-commerce platforms are rapidly increasing due to the ease of shopping and growing smartphone penetration in the market. Growing need for data analysis and integration of analytics is anticipated to drive the utilization of IoT, subsequently expected to drive the IoT monetization market over the forecast period.
MARKET SCOPE
The "Global IoT Monetization Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global IoT monetization market trends. The report aims to provide an overview of IoT monetization market with detailed IoT monetization market segmentation by component, enterprise size, and end user. The global IoT monetization market is expected to witness notable growth during the forecast period. The report provides key statistics on the market status of the leading IoT monetization market player and throw light on key trends and opportunities in the IoT monetization market.
Strategic Insights
MARKET SEGMENTATION
The global IoT monetization market is segmented on the basis of component, enterprise size, and end user. Based on component, the IoT monetization market is further segmented into solution and services. By enterprise size, the market is categorized into small & medium enterprises and large enterprises. In terms of end user, the IoT monetization market is split into retail, education, aerospace & defense, automotive, healthcare, manufacturing, IT & telecom, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global IoT monetization market based on various segments. It also provides market size and forecast estimates from 2019 to 2028 with respect to five major regions North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America, which are further fragmented by countries for detailed research survey. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
From the regional perspective, North America is expected to hold the major share in IoT monetization market during the forecast period. In North America, the US is a key contributor to the IoT monetization market. Factors such as presence of several IoT companies in the region and fast adoption of new technology by the masses are driving the IoT monetization market in North America. Several IoT companies present in the US offer a variety of IoT devices for applications in automotive & transportation, industrial, retail, healthcare, consumer electronics, and other sectors. The below figure showcases the revenue growth trend in the global IoT monetization market:
Source: The Insight Partners Analysis
The report analyzes factors affecting IoT monetization market from both demand and supply side and further evaluates market dynamics effecting the IoT monetization market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis highlighting the factors affecting the IoT monetization market in these regions.
IMPACT OF COVID-19 PANDEMIC
With the increasing number of COVID-19 cases globally, economy of many countries were significantly impacted in 2020. The supply chain and import & export got disrupted due to the COVID-19 outbreak. The global IoT monetization market witnessed a negative impact in Q1 & Q2 of 2020. This was mostly because several ongoing IoT projects were paused. Most of the companies reduced the investments in new projects. However, from Q3 2020, the demand for digitization accelerated. Several governing bodies uplifted the travel restrictions, which enabled transportation but with all safety measures and social distancing norms. Companies began strategically investing in connected technologies, such as remote asset management. In the medium to long run, the COVID-19 impact on IoT will be positive due to the increasing demand from various industry verticals such as healthcare, manufacturing, and smart homes. Also, companies will want to build more resilience to be better prepared if another pandemic rattles the world. Additional investment in digital infrastructure can be expected in 2022 and 2023. Overall, the impact of COVID-19 on the global IoT monetization market was low to moderate and is expected to witness high growth from 2022 onwards. The businesses had to transition to remote working, online operations and sales, and other business protocol modifications in response to the COVID-19 pandemic. As companies began to rely on cloud technologies, IoT, Big Data, AI, etc., the pandemic accelerated the implementation of IoT technology in 2020.
MARKET PLAYERS
The report covers key developments, as well as organic and inorganic growth strategies, in the IoT monetization market. Various companies are focusing on organic growth strategies such as product launches and product approvals, along with patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from mobile payment technologies market are anticipated to witness lucrative growth opportunities in the near future with the rising demand for IoT.
The report also includes the profiles of key IoT monetization market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years. Below mentioned is the list of a few companies engaged in the IoT monetization market.
- Amdocs
- Cisco Systems, Inc. (Cisco Jasper)
- Flexera
- Thales (Gemalto NV)
- Intel Corporation
- Microsoft Corporation
- Netcracker Inc. (NEC Corporation)
- Samsung Electronics Co. Ltd.
- SAP SE
- Telefonaktiebolaget LM Ericssonare
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.