New York, US, March 16, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “IoT Monetization Market: Research Report by Deployment, by End Users 2030”. The market will touch USD 1,839.37 Billion at a 37.55% CAGR by 2030, according to the current Market Research Future report.
Market Analysis
The global IoT monetization market is likely to witness significant revenue gain in the current decade. The immensely growing need for IoT monetization due to the rising penetration of the internet and smart & connected devices worldwide would drive the market growth. Enterprises are gearing to scale IoT products in this post-pandemic era, and IoT monetization strategies would help enterprises to foster IoT products and services.
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Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 1,839.37 Million |
| CAGR during 2022-2030 | 37.55% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The significant development drivers of the IoT Analytics industry size incorporate vast development of Internet of Things (IoT) information and the requirement for cutting edge examination and robotization of organizations |
The potential of IoT has been catching the vast attention of business communities worldwide. Monetizing the collected data can be used to develop new products that can meet the rapidly growing consumer needs. The monetized data can also be used for a monthly revenue stream, providing customers with opportunities with refillable services. Organizations of all sizes hugely benefit from IoT monetization and asset visibility solutions.
The growth of IoT businesses is expected to lead to an exponential rise of IoT connections, generating a massive and continuous stream of data from these connections. In the future, the IoT ecosystem will fuel the monetization of data-driven use cases, creating a significant monetization opportunity for CSPs. However, IoT applications are also growing in complexity and generating high volumes of data.
This, as a result, will boost the IoT monetization demand, creating the need for improved data ingestion and processing capabilities that can transform new data into valuable insights. With the help of IoT partners, CSPs can support their customers to make data-driven business decisions and generate value from the data collected from the IoT ecosystem.
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Industry Trends
The growing adoption of cloud-based solutions for service virtualization and containerization in increasing numbers of enterprises is a key IoT monetization market trend. Additionally, growing numbers of smart homes and smart city projects worldwide boost the IoT monetization market growth, creating the need to manage and secure this tremendous amount of data.
The vast amount of data generated due to the shift towards the IoT-enabled platform-as-a-service model and cloud-based solutions create substantial market demand. Conversely, incompatible IT Infrastructure that cannot accommodate the increasing volumes of sensor data obstructs market growth.
Large volumes of sensor data generated through vastly distributed connected devices pose significant challenges to the conventional data storage and management capabilities of organizations. However, rising investments in developing new products and innovative application solutions would support the market growth throughout the review period, dealing with the management and security of a large volume of data.
Segments
The IoT monetization market data is segmented into components, deployments, organization size, end-users, and regions. The component segment is bifurcated into solutions and services. The deployment segment is bifurcated into on-cloud and on-premise. The organization size segment is bifurcated into large enterprises and small & medium-sized enterprises (SMEs).
The end-user segment is bifurcated into automotive, retail, IT & telecom, agriculture, manufacturing, transportation & logistics, consumer electronics, healthcare, BFSI, energy & utilities, and others. Further, the region segment is bifurcated into Europe, the Americas, Asia-Pacific, and the Rest-of-the-World.
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Geographical Analysis
Globally, North America stands as the largest market for IoT monetization. The rapid adoption of smart connected devices, alongside the rising number of enterprises in this region, escalates the IoT monetization market value. Besides, the presence of well-established industry players and technology development centers in this region boosts IoT monetization market shares.
The vast availability of advanced technologies drives market growth, allowing the early adoption of innovative technologies. The US holds a leading share of the regional market with the increasing utilization and infiltration of the Internet or broadband offices. The North American IoT monetization market will retain its dominance throughout the forecast period.
APAC is another lucrative market for IoT monetization. Growing IoT innovations and implementations in the automotive and manufacturing sectors increase the IoT monetization market size. Additionally, the expanding digitalization and rising public business sectors push the IoT monetization market revenues. India and China are major regional markets witnessing increasing IoT adaptation. The APAC IoT monetization market is estimated to create a substantial revenue pocket during the review period.
Competitive Landscape
The highly competitive IoT monetization market appears fragmented, with a number of well-established players forming a competitive landscape. Innovation, mergers & acquisitions, partnerships, and collaborations are key trends for market players to remain competitive in the market. Further, the market would witness relentless innovations that would intensify the market competition during the forecast period.
For instance, on Sept. 22, 2022, Nokia launched a new Software-as-a-Service/SaaS solution, AVA Charging, designed for communication service providers (CSPs) and enterprises involved in commercialized 5G and IoT monetization. In 2021, Nokia entered into a SaaS solution, introducing the Nokia Data Marketplace. The solution supports environments with more than 150 MN subscribers, integrating 5G Standalone core network functions in a multivendor environment.
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The solution will help CPSs and enterprises commercialize new 5G, and IoT use cases & offerings, providing 'intelligence everywhere' using AI, ML, no code configuration, open APIs, multi-cloud orchestration, and digital ecosystems. The SaaS solution will allow them to monetize better new consumer and enterprise offerings, such as cloud gaming for the former and logistics for the latter.
Leading IoT monetization market players are Google Inc. (US), Amdocs Inc. (US), PTC Inc. (US), Apple Inc. (US), Cisco Systems, Inc. (US), Intel Corporation (US), General Electric Corporation (US), SAP SE (Germany), Microsoft Corporation (US), and Facebook Inc. (US), among others.
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