IoT Monetization Market – Scenario:
According to a new research report from Market Research Future (MRFR). The report from MRFR analyzes the global IoT monetization market from the ground up, providing a comprehensive assessment of the market’s leading drivers and restraints, key segments, and leading market players.
The growing demand for IoT enables home appliances and electronics is likely to be the major driver for the global IoT monetization market over the forecast period. Moreover, the growing demand for larger connected ecosystems such as smart homes and smart cities is likely to be the major driver for the global IoT monetization market over the forecast period, as this is likely to drive the demand for larger IoT ecosystems rather than isolated IoT-enabled products. The use of IoT enabled products in a larger ecosystem is likely to be a key trend for the global IoT monetization market over the forecast period, as this leads to an increased commercial scope for the product developer.
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Drivers and Restraints
Significant factors such as the growing Internet connectivity, increased usage of smartphones & other connected devices, and the increasing adoption of cloud platforms are the major drivers for the IoT monetization market. Moreover, the rise in the number of smart city and smart lighting projects is expected to provide lucrative growth opportunities for the market. As IoT adoption continues to rise over the review period, new opportunities will allow companies to track and measure the consumer usage patterns of IoT products and services. Companies looking to produce revenue from IoT will need to transform the information from smart, connected products into services by providing the entire product as a service or using the product’s data stream to engage customers with added services. The growing demand for dependable energy-efficient systems and improved home security worldwide is driving the growth of the IoT monetization market for construction and home automation applications. Consumer electronics are evolving as a vital application segment owing to the rising number of smart devices that can be connected to smartphones and the Internet. Moreover, the IoT monetization market for industrial applications is expected to grow at an exponential rate during the forecast period. ON the other hand, the lack of common communication ethics across platforms and the absence of power-efficient devices are the driving factors hampering the growth of this market.
Some of the major market players in Global IoT Monetization Market, as identified by MRFR include Amdocs, Inc. (U.S.), Google Inc. (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), General Electric Corporation (U.S.), Facebook Inc. (U.S.), Intel Corporation (U.S.), PTC, Inc. (U.S.), Apple Inc. (U.S.), and others.
The global market for IoT monetization has been segmented based on deployment and end-users. Based on the deployment, the market has been segmented on on-premise and on the cloud.
Based on the end-users, the market has been segmented into automotive, healthcare, agriculture, consumer electronics, and retail, and others.
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The regional analysis of the IoT monetization market is studied for Europe, Asia-Pacific, North America, and the Rest of the world. North America is touted to lead the IoT monetization market owing to the fast adoption of new technology and the presence of numerous IoT companies in this region. Most of the IoT companies existing in the US, the dominant country-wise market in the North American region, provide a range of IoT devices for applications in industrial, automotive & transportation, retail, consumer electronics healthcare, and other end-use industry verticals.
Asia-Pacific is expected to be the fastest-growing region for the IoT monetization market owing to the increasing adoption of IoT technology in the automotive and industrial sectors in the region. Also, the growing trend of digitalization in developing countries such as India & China is fuelling the growth of the IoT monetization market.
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