PUBLISHER: Allied Market Research | PRODUCT CODE: 1344412
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344412
According to a new report published by Allied Market Research, titled, "IoT Monetization Market," The iot monetization market was valued at $396.62 billion in 2022, and is estimated to reach $25096.4 billion by 2032, growing at a CAGR of 51.7% from 2023 to 2032.
Rise in market for smart cities and connected cars and growth in penetration of IoT, thus drive the growth of the market. In addition, a major shift from cost savings to revenue generation and a continuous rise in the volume of enterprise data drives the growth of the market during the forecast period. However, lack of strategic decisions and standards, and privacy and security concerns constraints hamper the growth of the market. Furthermore, the growing ecosystem of IoT platforms and service providers provides opportunities for IoT monetization vendors to expand their customer base. Moreover, rise in adoption of cloud platforms and increase in internet connectivity are the major factors that drive the growth of the global IoT monetization market. In addition, surge in use of consumer electronics devices is expected to fuel the growth of the global IoT monetization market. Furthermore, an increase in number of smart lighting and smart city projects is anticipated to provide lucrative growth opportunities for the global IoT monetization market in the upcoming years.
Furthermore, the adoption of IoT monetization solutions has increased in the automotive & transportation industry as the automotive manufacturers are extensively using IoT, which fuels the growth of the market. It is easier to support cities, towns, and states, globally to meet the rise in demand for surface transportation systems through connected cars and intelligent transportation systems such as sensors and communication & traffic control technologies. Consumer electronics is also one of the emerging application segments of the IoT monetization market and is anticipated to grow during the forecast period due to the increase in number of smart appliances that can be connected to smartphones and the Internet.
The IoT monetization market is segmented into component, organization size, industry vertical, business functions, and region. In terms of component, the market is bifurcated into solutions and services. Based on organization size, it is classified into large enterprises and small & medium sized enterprises. As per industry vertical, it is divided into retail, IT & telecom, manufacturing, transportation & logistics, healthcare, BFSI, energy & utilities, and others. According to business function, the market is classified into marketing & sales, IT, finance, supply chain, and operations. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global IoT monetization market is dominated by key players such as Amdocs, Inc., IBM Corporation, Ericsson, SAP SE, Oracle, Thales Group, Cisco Systems, Inc., Aria Systems, Inc., Intel Corp., and General Electric Co. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the IoT monetization market globally.