IoT Monetization Market Analysis | 2022-2028

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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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.

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.

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.

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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.