IoT Monetization Market Overview
The IoT Monetization market Business Function is projected to grow from USD 0.4 Billion in 2024 to USD 3.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 30.63% during the forecast period (2024 - 2032). Additionally, the market size for IoT Monetization was valued at USD 0.3 Billion in 2023.
Users' increasing reliance on IoT-based goods and services and their increased use of cloud platforms, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
IoT Monetization Market Trends
The growing market for smart cities and connected cars is driving the market growth
The growing adoption of lots in public transportation as a result of the development of smart cities is a factor that propels the global market for lot monetization. Therefore, in order to control traffic more effectively, developers are looking for ways to create a platform that takes a lot of different factors into account. To create an online system with open access, this platform takes into account all the data that can affect traffic, including vehicles, people, traffic lights, time, weather, and other variables. A real-time map helps commuters plan their trip more effectively by showing them the traffic concentrations in various city neighborhoods. This kind of transport network development needs a lot of real-time data flow and analysis, which is made possible by IoT monetization.
It is projected that smart farming, aided by information and communication technologies like lot, will alter the worldwide agricultural landscape and increase its productivity and efficiency. Through the use of lot and other digital solutions for enhancing farming methods, yields, and profitability, the agriculture sector and automation solution vendors are uncovering new prospects. Additionally, there is a huge potential for loT in precision farming. Through sensors that can track vehicles, monitor storage places, observe the field, and monitor livestock, precision farming strives to collect data. Animals can be fitted with the sensors to monitor their health. To stop the spread of disease, unwell animals can be removed from the herd right away. Additionally, sensors can be helpful in keeping an eye out for weed growth and pest infestation in agriculture fields, allowing farmers to only apply pesticides where they are needed. Drones may be used to quickly and efficiently monitor vast tracts of farmed land, while controllers can help farmers operate tractors remotely. The lot monetization market size is anticipated to see a number of chances throughout the course of the forecast period due to the evolution of lots in the agriculture industry.
The government & regulatory entities, businesses from various industries, network operators, system integrators, hardware & software vendors, and service providers make up the Internet of Things ecosystem. The demand for dependable loT solutions is anticipated to increase at an unprecedented rate throughout the forecast period as a result of the changing technological landscape and rising demand for connected devices and systems. IoT hardware providers provide various components that are incorporated into loT packages as part of the ecosystem for lot monetization. Additionally, software suppliers provide a variety of software tools to run loT devices in the market for lot monetization. Retail, manufacturing, infrastructure and construction, consumer electronics, automotive and transportation, energy and utilities, and healthcare are the main industry verticals where IT solutions are used extensively. In addition, governmental and regulatory bodies, business associations, and research organizations are a few of the auxiliary participants that are essential to the study and advancement of IoT, supporting the expansion of the market for lot monetization.Thus, driving the IoT Monetization market revenue.
IoT Monetization Market Segment Insights
IoT Monetization Component Insights
The global IoT Monetization market segmentation, based on Component, includes Solutions and Services. Solutions segment dominated the global market in 2022. The market is predicted to develop rapidly in the next years as a result of technological advancements enabling IoT monetization to alter sectors globally, including BFSI, manufacturing, healthcare, and others. The IoT monetization service, however, reduces the time and costs involved with optimizing systems in the early phase of implementation, hence the service segment is predicted to experience the largest increase.
IoT Monetization Organization Size Insights
The global IoT Monetization market segmentation, based on Organization Size, includes Large Enterprises and Small & Medium-Sized Enterprises. Large enterprises segment dominated the global IoT Monetization market in 2022.The availability of funding for R&D and economies of scale are to blame for this. They are boosting their growth in this segment because they want to grow as much as possible.
IoT Monetization Industry Vertical Insights
The global IoT Monetization market segmentation, based on Industry Vertical, includes Retail, IT & Telecom, Manufacturing, Transportation & Logistics, Healthcare, BFSI, Energy & Utilities, and Others. Manufacturing segment dominated the global IoT Monetization market in 2022.This is due to a number of advantages of lot monetization solutions in the manufacturing sector, including improved customer acquisition and retention, reduced costs, streamlined production, and new revenue streams from equipment data analysis and product advancement processes.
IoT Monetization Business Function Insights
The global IoT Monetization market segmentation, based on Business Function, includes Marketing & Sales, IT, Finance, Supply Chain, and Operations. Finance segment dominated the global market in 2022. This is because the financial sector has a growing demand for IoT monetization.
Figure 1: Global IoT Monetization Market, by Business Function, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
IoT Monetization Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America IoT Monetization Market dominated this market in 2022 (45.80%). This is a result of both the rapid general adoption of new technologies and the existence of numerous top lot monetization firms.Further, the U.S. IoT Monetization market held the largest market share, and the Canada IoT Monetization market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL IOT MONETIZATION MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe IoT Monetization market accounted for the healthy market share in 2022. The R&D for loT technology is also being supported by investments in start-ups that are focused on the Internet of Things and the ecosystems that support it. Additionally, ongoing improvements to cloud infrastructure and falling data service costs are accelerating the digitalization of industrial operations.Further, the German IoT Monetization market held the largest market share, and the U.K IoT Monetization market was the fastest growing market in the European region.
The Asia Pacific IoT Monetization market is expected to register significant growth from 2023 to 2032. This is a result of developing nations like China and India increasingly adopting IoT-enabled technology. Asian nations like China, Japan, and South Korea are seeing a significant shift from traditional to digital ecosystems across all industry verticals, which is driving the lot monetization market. IoT-based solutions are becoming more and more in demand as a result of the growing trend of digitization, which also increases demand for connected ecosystems. Moreover, China’s IoT Monetization market held the largest market share, and the Indian IoT Monetization market was the fastest growing market in the Asia-Pacific region.
IoT Monetization Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the IoT Monetization market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, IoT Monetization Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global IoT Monetization Industry to benefit clients and increase the market sector. In recent years, the IoT Monetization Industry has offered some of the most significant advantages to medicine. Major players in the IoT Monetization market, including Google Inc., PTC, Inc., Amdocs, Inc., Apple Inc., Intel Corporation, Cisco Systems, Inc., General Electric Corporation, Microsoft Corporation, SAP SE, and Facebook Inc., are attempting to increase market demand by investing in research and development operations.
Enterprise application software and related services are offered by SAP SE (SAP). Enterprise resource planning and financial management, intelligent technologies, analytics, human resource management, employee engagement, digital supply chain, network, spend management, customer relationship management, and customer experience are just a few of the many solutions it offers. The business provides a selection of enterprise applications and business software that are made for database and technology operations, mobile, cloud, analytics, and application operations. Consumer goods, energy, financial services, aerospace and defense, transportation, logistics, chemicals, government, healthcare, higher education, media, real estate, retail, and telecommunications are just a few of the industries it serves as clients in. The corporation operates in the Americas, Asia-Pacific, Europe, the Middle East, and Africa. In Walldorf, Baden-Wurttemberg, Germany, SAP has its headquarters. NTT's history, a cooperatively developed detecting texture by Toray Industries, Inc. (Japan) and SAP SE joined forces in September 2016 to build up a loT solution for related transportation security solutions for gathering and analyzing vehicle-related information.
Developer of software products and related services is PTC Inc (PTC). The business provides services and products in the areas of product lifecycle management (PLM), computer-aided design (CAD), augmented reality (AR), internet of things (IoT), application lifecycle management (ALM), service lifecycle management (SLM), and service parts management software. It offers cloud-based services as well as maintenance, implementation, advisory, and consulting services. PTC unveiled the clever programming system Agileworx in June 2016 during the business conference LiveWorx, which was hosted in Massachusetts. The time to market would increase and the item developing organizations' ability to build their products would be aided by this arrangement.
Key Companies in the IoT Monetization market include
IoT Monetization Industry Developments
July 2022: Ericsson bought out Vonage. Vonage's technological innovation will be tapped into through the acquisition, helping Ericsson grow its mobile network business.
IoT Monetization Market Segmentation
IoT Monetization Component Outlook
IoT Monetization Organization Size Outlook
IoT Monetization Industry Vertical Outlook
IoT Monetization Business Function Outlook
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Marketing & Sales
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IT
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Finance
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Supply Chain
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Operations
IoT Monetization Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
IoT Monetization Market Highlights:
