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  • IoT Monetization Market Analysis | 2022-2028

    IoT Monetization Market Analysis | 2022-2028

    IoT Monetization Market Analysis | 2022-2028
    Report code - SR2346 Delivery - 2 Weeks
    IoT Monetization Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opp See more...

    Market Insights

    The  IoT Monetization Market is expected to grow from USD 74.21 billion in 2021 to USD 824.47 billion by 2028 at a CAGR of 41.1% during the forecast period.

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    What is IoT Monetization?

    IoT monetization is a process that lists revenue from IoT-authorized products and services by joining the IoT data and creating the data from IoT-connected devices. IoT monetization platform efficiently manages and converts the software and firmware update process and gives software and device insights. IoT monetization expects to generate a large amount of data to be used by companies to bring innovation and automation to their businesses.

    This technology is all set to bring in a modification in the way of living and workstyle of human beings, by bringing in a new revolution for interconnection between human beings and machines. IoT monetization focuses on four models such as hardware, services, data, or ecosystem building. The capability to capture, package, and sell the data gives a potential monetization model. Once the data has been anonymized and aggregated, organizations decide to sell it raw, package insights from it, or monetize it using advertising.

    Market Dynamics

    The IoT ecosystem consists of hardware vendors, software vendors, network operators, system integrators, service providers, government & regulatory bodies, and enterprises from different industries. With the emerging technology landscape and increasing demand for connected devices and systems, the need for reliable IoT solutions is expected to rise at an unprecedented rate over the forecast period. In the IoT monetization market ecosystem, IoT hardware vendors supply different components that are incorporated into IoT packages.

    Moreover, in the IoT monetization market, software vendors offer different software tools to run IoT devices. The major industry verticals wherein IT solutions are being widely used include retail, manufacturing, infrastructure & construction, consumer electronics, automotive & transportation, energy & utilities, and healthcare. Additionally, government and regulatory authorities, industry groups, and research organizations are some of the peripheral stakeholders that play a crucial role in the research, and development of IoT, thus, contributing to the growth of the IoT monetization market.

    The growing market for smart cities and connected cars

    The factor that acts as a driver for the global IoT monetization market includes the high adoption of IoT in public transport because of the evolution of smart cities. Thus, developers are seeking ways to build a platform that takes a large number of variables into account to manage traffic more efficiently. This platform considers vehicles, people, traffic lights, timing, weather, and all the data that can impact traffic to develop an online system with public access.

    A real-time map informs commuters of traffic densities in different parts of the city, allowing them to make better decisions about their route. Developing this type of transport network requires a large amount of data transfer in real-time and its analysis, which can be enabled through IoT monetization.

    IoT Monetization Market Report Overview

    Market Size in 2028

    USD 824.47 billion

    Market Size in 2021

    USD 74.21 billion

    Market Growth (2022-2028)

    41.1% CAGR

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

    Increasing adoption of IoT monetization in agriculture

    Smart farming with the help of information and communication technologies such as IoT is anticipated to revolutionize the global agricultural landscape, making it more efficient and productive. The agriculture industry and automation solution vendors are discovering new opportunities by using IoT and other digital solutions to improve farming practices, yields, and profitability.

    Also, IoT has a wide application scope in precision farming. Precision farming aims to generate data through sensors that can monitor livestock, take field observations, track vehicles, and monitor storage areas.

    The sensors can be mounted on animals to track their health. If an animal gets sick, it can be immediately separated from the herd to avoid the spread of disease. Sensors can also be useful in monitoring crop fields for signs of pest infestation and weed growth, allowing farmers only to apply pesticides in the required locations.

    Controllers can assist farmers in driving tractors remotely while drones can be used to monitor large areas of cultivated land in a very short amount of time. Because of the evolution of IoT in the agriculture industry, the IoT monetization market size is expected to witness numerous opportunities over the forecast period.

    Segments Analysis

    The solutions segment dominates the market

    The solution segment dominated the overall IoT monetization market share in 2021 and this trend is expected to continue over the forecast period due to the growing adoption of IoT monetization solutions among enterprises, as they are seeking ways to monetize IoT through revenue-generating products and services or to bring uniqueness to their core products and services offerings.

    The manufacturing segment holds the largest share of the IoT monetization market

    The manufacturing segment dominated the overall IoT monetization market in 2021 and this trend is expected to continue over the forecast period because of several benefits of IoT monetization solutions in the manufacturing industry such as streamlined production, decreased cost, enhanced customer acquisition and retention, and new sources of revenue from the insights generated by equipment data analysis and product advancement processes.

    North America to dominate the global IoT Monetization market during the forecast period

    North America dominated the overall market in 2021, as the US is one of the world's largest contributors to the growing IoT monetization market in the region. Also, the dominance of this region is mainly because of the fast adoption of new technology by the masses and the presence of various leading IoT monetization companies.

    However, Asia-Pacific is expected to register the fastest growth rate over the forecast period mainly because of the increasing adoption of IoT-enabled devices in developing countries such as China and India. In the IoT monetization market, Asian countries such as China, Japan, and South Korea are experiencing a high transition from traditional to digital ecosystems across industry verticals. The increasing trend of digitalization creates a huge demand for connected ecosystems, resulting in the increasing demand for IoT-based solutions.

    The investments in IoT start-ups and associated IoT monetization market ecosystems are also bolstering the R&D related to IoT technology. Furthermore, continuous enhancements in cloud infrastructure and decreasing costs of data services are boosting digitalization in industrial processes.

    Moreover, the IoT monetization market is experiencing a significantly growing number of service providers such as IoT distributors, system integrators, and managed service providers. They play a crucial role in the deployment, management, and monitoring of IoT solutions.

    The IoT monetization market ecosystem is fragmented and involves different intermediaries at every stage of the ecosystem. System integrators combine all components into a whole and provide the integrated system to the retailers, while managed service providers offer various services such as device management, security management, network management, and data management to end users.

    Therefore, the expected growth in digitalization across various sectors and increasing dependence on service providers are emerging as major trends in the IoT monetization market.

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    Key Players

    The major players operating in the IoT monetization market are:

    • PTC Inc. (U.S.)
    • IBM Corp. (U.S.)
    • Intel Corp. (U.S.)
    • Cisco Systems Inc. (U.S.)
    • General Electric Co. (U.S.)
    • Oracle Corp. (U.S.)
    • Google Inc. (U.S.)
    • Microsoft Corp. (U.S.)
    • SAP SE (Germany)
    • Amdocs Ltd. (U.S.)

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the IoT Monetization Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Recent Developments

    • In September 2022, Amdocs announced new 5G-native charging which provides endless monetization opportunities for standalone 5G and beyond, supported by proven multi-cloud deployment experience.
    • In May 2022, Orange France signed a five-year agreement with Ericsson for 5G monetization platform. Cloud-native Ericsson Charging solution will serve around 20 million IoT devices, 28 million Orange France customers, and private mobile radio users.
    • In January 2022, Oracle announced the testing of its new Cloud Scale Charging to ensure communications service providers (CSPs) able to monetize new offers ranging from cloud gaming to smart construction and IoT.

    Frequently Asked Questions (FAQs)

    The IoT monetization market is expected to grow at a CAGR of 41.1% during 2022-2028.

    The IoT monetization market is likely to reach USD 824.47 billion in 2028.

    North America dominated the overall market in 2021, as the US is one of the world's largest contributors to the growing IoT monetization market in the region.

    Asia-Pacific is expected to register the fastest growth rate over the forecast period mainly because of the increasing adoption of IoT-enabled devices in developing countries such as China and India.

    The major players operating in the global IoT Monetization market are PTC Inc. (U.S.), IBM Corp. (U.S.), Intel Corp. (U.S.), Cisco Systems Inc. (U.S.), General Electric Co. (U.S.), Oracle Corp. (U.S.), Google Inc. (U.S.), Microsoft Corp. (U.S.), SAP SE (Germany), Amdocs Ltd. (U.S.).

    The market is studied from 2016-2028.