Impact of COVID-19 on the Global IoT Monetization Market
IoT monetization refers to a process that supports revenue generation from the IoT-enabled products & services by obtaining IoT data and creating data from IoT connected devices. IoT monetization solutions deliver economic and operational efficiency to enterprises worldwide. The rising deployment of IoT devices across several industry verticals such as retail, healthcare, automotive, and consumer electronics, generating large volumes of unstructured data, is, in turn, increasing the demand for monetization of IoT devices. The COVID-19 pandemic has rapidly spread across the globe and has impacted a few industries positively, while most others have been affected negatively. Governments have imposed restrictions confining people to their homes as a precautionary measure to contain the spread of the pandemic. The rising number of people staying at home has boosted the demand for rapid Internet connectivity. It has substantially increased data usage, propelling the growth of the IoT monetization market.
The people under lockdown have increased their usage of digital media more as compared to the pre-lockdown period. During the pandemic, companies have allowed their employees to work from home, which has propelled the use of conferencing platforms, drastically boosting the growth of the IoT monetization market. Furthermore, the increasing demand for cloud computing is also responsible for the growth of the IoT monetization market. This scenario is expected to drive the growth of the IoT monetization market over the projected timeframe. According to the MRFR analysis, the IoT monetization market is expected to stabilize by Q1 of 2021.