IoT Monetization Market Global Market – Overview

Global IoT monetization market was valued at USD 42.40 billion in 2017 and is expected to reach USD 390 billion by 2023, at a CAGR of 43% during the forecast period. Major factors such as increasing Internet connectivity, increased use of smartphones & other connected devices, and growing adoption of cloud platforms are the major drivers for the IoT monetization market. Moreover, rise in number of smart city and smart lighting projects are expected to provide lucrative growth opportunities to the market. However, absence of common communication standards across platforms and lack of power-efficient devices are the factors hampering the growth of this market. As IoT adoption continues to increase over the forecast years, new opportunities will enable companies to track and measure customers usage pattern of IoT products and services. Companies looking to generate revenue from IoT will need to transform the information from smart, connected products into services by offering the entire product as a service, or using the product’s data stream to engage customers with additional services.

IoT monetization is defined as the process of generating revenue from the IoT-enabled products such as smart home, smart appliances, smartphones, smart cameras & others. The growing demand for reliable energy-efficient systems and enhanced home security worldwide is fueling the growth of the IoT monetization market for building & home automation applications. For instance, automotive leader Audi AG generates revenue from its IoT-based solution Audi Connect. Consumer electronics is emerging as a crucial application segment owing to growing number of smart appliances that can be connected to smartphones and the Internet. Also, IoT monetization market for industrial applications is expected to grow at an exponential rate during the forecast period. IoT is used to optimize production processes and to monitor the entire lifecycle of objects, from production to dumping.

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Industry News

May 18, Streamr partners with Nokia and OSIsoft on IoT Data Sharing and Monetization

The blockchain-based data sharing platform Streamr, partnered with Nokia and OSIsoft. These partnerships are expected to build on Streamr’s real-time data marketplace, which would enable producers to connect with consumers via common interface.

July 17, Samsung Electronics Launches New Data Monetization Solution for IoT using Samsung ARTIK™ Cloud

Samsung Electronics Co. Ltd. launched Samsung ARTIK™ Cloud Monetization for the Internet of Things (IoT), a new service to monetize the data shared by IoT devices. With this unique data monetization model, device manufacturers can take advantage of Samsung ARTIK™ Cloud’s extensive interoperability features to generate new revenue streams and implement new business models, such as hardware as a service.

Feb 16, Amdocs unveiled IoT monetization platform for telcos

Customer experience solutions provider Amdocs launched IoT (Internet of Things) monetization platform that could help telecom service providers to unlock new revenue streams. This platform allows service providers to unleash the potential of consumer IoT by supporting multiple additional engagement models, such as white-label billing for the IoT provider, reselling IoT services direct to the consumer, or becoming an IoT services billing provider.

Feb 15, HP helps network operators monetize IoT

Hewlett-Packard announced its “Internet of Things” platform, which enables network operators to manage IoT sensors. This solution provides vertical applications on M2M devices, have the ability to analyze the collected data regarding the performance of these applications via a secure cloud infrastructure, and enable more opportunities for monetization of services in the area of IoT.

Key Players:

The prominent players in the IoT monetization market are – Google Inc. (US), Amdocs, Inc. (US), Cisco systems, Inc. (US), Microsoft Corporation (US), SAP SE (Germany), General Electric Corporation (US), Intel Corporation (US), Facebook Inc. (US), Apple Inc. (US), PTC, Inc. (US) and others, are profiled in Market Research Future analysis and are at the forefront of competition in the global IoT monetization market.

IoT Monetization Market Global Market – Segmentation

Segmentation by deployment: on-premise and cloud.

Segmentation by end-users: healthcare, automotive, agriculture, consumer electronics and retail and others.

Segmentation by region: North America, Europe, Asia-Pacific and rest of the world.

IoT Monetization Market Global Market – Regional Analysis

The regional analysis of IoT monetization market is studied for North America, Europe, Asia-Pacific and rest of the world. North America is expected to dominate the IoT monetization market owing to fast adoption of new technology and presence of several IoT companies in this region. Most of the IoT companies present in the US offer a variety of IoT devices for applications in automotive & transportation, industrial, retail, healthcare, consumer electronics, and other sectors.

Asia-Pacific is expected to be the fastest growing region for IoT monetization market owing increasing adoption of IoT technology in automotive and industrial sectors in the region. Also, growing trend of digitalization in the developing countries such as India & China is fuelling the growth of IoT monetization market.

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