IoT Monetization Market

Global IoT Monetization Market Size (2024 to 2029)

The global IoT monetization market is predicted to reach USD 154.41 billion in 2024 and USD 891.50 billion by 2029, growing at a CAGR of 42% during the forecast period.

IoT Monetization provides IoT solutions and technologies to businesses so they can create innovative IoT-enabled offerings by analyzing data from smart devices. These programs support businesses in increasing revenue by increasing efficiency and lowering costs. They assist in targeting untapped markets and customizing products to meet customers' needs. Due to the increasing demand for monetizing IoT devices and data collected, it is increasingly adapted to various industries such as healthcare, retail, logistics, manufacturing, and transportation. IoT can integrate all of an organization's functions, such as operations, IT, finance, marketing, and sales, and assist the organization in achieving operational efficacy by monitoring and analyzing these functions and lowering costs. The increasing market penetration of smart devices and internet connectivity drives the demand for this sector. Businesses are increasingly adopting cloud platforms. The Market is seeing an increase in the number of service providers such as integrators, managers, and distributors; however, the Market is highly fragmented and requires many intermediaries. The IoT monetization market is also driven by increased digitization across various sectors.

These IoT devices are expected to generate huge amounts of data that can be used to develop new products and services. IoT is also expected to change our lifestyles, become integral to how we work and do things, and revolutionize how humans and machines communicate.

Global IoT Monetization Market Drivers:

Various end-user industries have increasingly adopted IoT technology. IoT has widespread applications in the healthcare, automotive, and manufacturing industries. IoT is one of the sectors expected to proliferate due to increased market investment by key players. Governments worldwide are increasingly focusing on digitalizing their economies and developing infrastructure to boost development and provide funding for necessary R&D in the IoT market.

It combines an organization's various processes and machines to create a connected, collaborative digital world. IoT is expected to improve people's lives. Lately, E-commerce has also altered the way people shop for online products. Data analysis has become necessary due to the increased use of smartphones and easy internet access. The increasing adoption of IoT technology in various fields, such as agriculture and automotive, is expected to drive market growth between the forecast period. There is also a significant spike in the implementation of cloud platforms across businesses and an increase in government initiatives to promote digitization.

Global IoT Monetization Market Restraints:

IoT has numerous applications in various industries and is becoming reasonably flexible. However, it collects and analyses sensitive personal data, which is always vulnerable to data breaches. Concerns about data privacy and the safety and security of personal information are growing among service providers and end users. There is also a lack of a platform-wide communication standard. These factors may hurt the growth of the IoT market. There is also limited availability of powerful and efficient devices and infrastructure to support the current level of IoT monetization. There is no strategic or regulatory framework to deal with malicious threats that can attack various IoT devices and networks. There is an absence of preventative measures for hacking and other types of cybercrime. The devices used to implement IoT technology can be easily hacked and potentially threaten the service provider and the end user. All of these factors could impact the growth of the IoT monetization market throughout the forecast period.

Impact of COVID-19 on the global IoT monetization market:

COVID-19 has had a significant impact on the economies of many countries. Supply chains were the most impacted business Process. They were seriously hampered. Imports and exports were also restricted. The global IoT Monetization market was also negatively affected. The main reason was that many projects were abandoned, and no new projects were funded. However, after a few months of the outbreak, there was a market demand for digitization. Many companies were making investments in online communication technologies. The long-term impact of COVID-19 on the IoT sector is expected to be positive due to increased demand for IoT in various industries. Such pandemics and epidemics are expected in the future, and businesses may need to plan ahead of time, so additional investment in digital infrastructure may be essential. This Market is expected to grow by the year 2023. Due to COVID-19, businesses had to transition from offline to online and depend on various cloud technologies such as big data, AI, etc.

REPORT COVERAGE:

This research report on the global IoT monetization market has been segmented and sub-segmented based on organizational size, component, industry, & region.

Global IoT Monetization Market - By Organisational Size:

• Large
• Medium
• Small

Large enterprises are expected to continue dominating the segment based on organizational size due to economies of scale and the availability of funds for R&D. Their main goal is to achieve maximum growth, which is why they are accelerating their growth in this segment.

Global IoT Monetization Market - By Component:

• Solution
• Services

Due to the adoption of IoT Monetization solutions across various industries, the solution segment is expected to dominate the IoT Monetization market in the forecast period. Every Business is trying to develop a new product or service offering, leveraging IoT to develop these innovative revenue-generating products and services.

Global IoT Monetization Market - By Industry:

• Retail
• Manufacturing
• IT & Telecom
• Automotive
• Healthcare
• BFSI
• Energy & Utilities

The automotive industry is expected to dominate the IoT market during the forecast period. It is one of the largest sectors with the most IoT applications regarding security features, analytics, infotainment, robotic or self-driving cars, real-time monitoring, etc. This sector is highly competitive, and businesses increasingly focus on implementing cloud technologies and artificial intelligence to differentiate their offerings. Many key players, such as Audi, BMW, and Mercedes-Benz, are already leveraging IoT solutions to provide innovative technologies to their customers. IoT solutions are also being used in various other industries, including healthcare, to track patient data, monitor real-time KPIs, manage patient data, and manufacturing to automate processes. However, the rapid adoption of IoT technology in the logistics and transportation sectors will accelerate the growth of the IoT market during the forecast period.

Global Digital Identification Solutions Market - By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

North America is expected to dominate the IoT market during the forecast period. The main reason is the region's rapid adoption of new technologies. The necessary infrastructure and the key players in IoT monetization companies are present.  On the other hand, Asia Pacific is expected to see rapid growth in this Market. Developing nations such as China and India, the world's youngest populations, are increasingly adopting intelligent devices and related technologies. These economies are making the transition from the traditional to the digital era. There is a growing demand for connected ecosystems and IoT-based solutions. Companies are investing in these solutions and expanding research into this area. The governments of these economies are also focusing on digitalizing their economies and strengthening digital infrastructure, which is expected to drive growth in this region.

KEY MARKET PARTICIPANTS:

The major companies operating in the global digital identification solutions market include IBM Corporation, Oracle, Cisco Systems, Intel Corp., SAP SE, Ericsson, PTC, ARIA Systems, Google, Microsoft, Tata Consultancy Services Ltd., Nokia, Infosys Ltd., and JeraSoft.

RECENT HAPPENINGS IN THE MARKET:

• Ericsson acquired Vonage in July 2022. The acquisition is expected to capitalize on Vonage's technological leadership and assist Ericsson in expanding its mobile network business.
• In October 2021, Amdocs released a new Business suite allowing small-scale service providers to monetize IoT and create a digital experience for their customers.
• Cisco has collaborated with Telstra, an Australian telecommunications company. They plan to open a control center for advanced connectivity management for IoT services.
• Randori, a leading provider of cybersecurity solutions and services, was purchased by IBM. This acquisition was made to accelerate IBM's Hybrid Cloud strategy and strengthen the company's AI-powered cybersecurity product and service offerings.