The global IoT monetization market is rising continually. The market growth attributes to the need for monetization immensely growing with rising penetration of the internet and smart & connected devices. Besides, the enormous amount of data generated due to the increasing shift towards the IoT-enabled platform-as-a-service model and cloud-based solutions create substantial market demand.
The potential of IoT has caught the business community's attention worldwide. IoT monetization and asset visibility solutions benefit organizations hugely. With the rising adoption of cloud-based solutions for service virtualization & containerization in increasing numbers of enterprises, the market value is projected to escalate further during the assessment period.
In this regard, Market Research Future (MRFR) states that the global IoT monetization market is poised to reached at USD 23.09 billion out of 2017 and is relied upon to arrive at USD 1,839.37 billion by 2030, at a CAGR of 37.55% during the conjecture time frame. Monetizing the collected data is then used to develop new products that can meet consumer needs.
The data can also be used for a monthly revenue stream, providing customers with opportunities with refillable services. Additionally, increasing numbers of smart homes and smart city projects boost market growth, creating the need to manage and secure this tremendous amount of data.
On the other hand, incompatible IT Infrastructure that cannot accommodate the growing volumes of sensor data is a significant factor that can obstruct market growth. Large volumes of sensor data from vastly distributed connected devices challenge organizations' conventional data storage and management capabilities.
Nevertheless, rising investments aimed at creating innovative application solutions would support the market growth throughout the forecast period, dealing with the management and security of a large volume of data.
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Segment Overview:
- By Division by Component
As per the IoT Monetization Market Forecast, segmentation is done in terms of a component; the market is segmented into solutions and services.
- By Division by Organization size
The IoT Monetization Market is segmented into large enterprises and small & medium-sized enterprises based on organization size.
- By Division by industry verticals
The market is divided into retail, IT & telecom, manufacturing, transportation & logistics, healthcare, BFSI, energy & utilities, and others based on industry verticals.
- By Division by Business Function
The market is classified into marketing & sales, IT, finance, supply chain, and operations based on business function.
- By Division by Region
The regions expected to observe major growth in the IoT monetization market are North America, Europe, Asia-Pacific, and LAMEA.
Detailed Regional Analysis
The regional assessment of the IoT monetization market includes regions such as North America, APAC, Europe, and the rest of the region. The North American region is controlling the IoT monetization market with the principal market share owing to the incidence of a significant number of IoT companies functioning in the region. The mounting implementation of novel technology by industrial sectors to carry out their everyday operations is anticipated to grow with the uppermost revenue by the year 2022. The Asia Pacific region is the fastest-growing region throughout the forecast period owing to the mounting implementation of IoT technology in the automotive and industrial sectors in the region. Furthermore, the increasing trend of digitalization in the rising national markets such as India & China is fuelling the augmentation of the IoT monetization market in the forecast period.
Global IoT Monetization Market – Competitive Analysis
Highly competitive, the IoT monetization market appears fragmented due to the presence of numerous well-established players. Innovation, mergers & acquisitions, and collaborations remain key trends for these players to gain a larger competitive share. The market would witness intensified competition with an increase in R&D innovations and M&A.
Major Players:
Players active in the global IoT monetization market include Google Inc. (US), PTC, Inc. (US), Amdocs, Inc. (US), Apple Inc. (US), Intel Corporation (US), Cisco Systems, Inc. (US), General Electric Corporation (US), Microsoft Corporation (US), SAP SE (Germany), and Facebook Inc. (US), among others.
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IoT Monetization Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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