IoT Monetization Market Growing at 53.6% CAGR to Hit USD 1,361,395 Billion by 2025 | Key Players (Updated PDF)
Growing adoption of IoT monetization in agriculture and increasing usage of smart devices such as tablets and smartphones are expected to drive market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, April 3, 2023 /EINPresswire.com/ — According to the report, the global IoT monetization market generated $44.19 billion in 2017, and is expected to reach $1,361.39 billion by 2025, growing at a CAGR of 53.6% from 2018 to 2025.
Upsurge in the number of smart cities projected and connected cars, increase in adoption of IoT monetization in agriculture, and significant adoption of smart devices such as tablets and smartphones drive the growth of the market.
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However, lack of IoT standards across platforms and rise in privacy as well as security concerns restrain the market growth. Conversely, growing investments in the IoT monetization market create new opportunities for the growth of the market.
The large enterprises segment contributed 60.7% of the total market share in 2017 and would maintain its dominance through 2025. This is on account of the high adoption of IoT monetization tools in large-scale organizations. However, the small & medium-sized enterprises segment would grow at the fastest CAGR 54.5% from 2018 to 2025 due to the growing adoption of IoT monetization solutions and increasing inclination toward cloud-based IoT monetization tools.
The manufacturing segment generated the highest share of 28.2% in 2017 and is projected to continue this trend during the forecast period. This is due to the numerous benefits offered by IoT monetization solutions to the manufacturing industry, which include streamlined operations, reduced cost, improved customer acquisition and retention, and new sources of revenue from the insights generated by instrumented products and product development processes.
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However, the healthcare division is anticipated to grow at the fastest CAGR of 60.6% during the study period, due to the high adoption of IoT in the healthcare sector. The report also analyzes various industry verticals such as retail, IT & telecom, transportation & logistics, BFSI, energy & utilities, and others.
Sales and marketing segment dominated the market in 2017, generating 36% of the total revenue. The segment is projected to maintain this trend through 2025 due to the growing adoption of IoT data to attract new customers as well as retain their existing database. However, the finance business function is estimated to grow at the highest CAGR of 57.1% through the forecast period, as it is in high demand in highly regulated industry verticals, such as BFSI, consumer goods and retail, and others where the companies use IoT monetization tools to analyze large amounts of data and create actionable insights.
North America contributed 42.0% of the total market share in 2017 and is expected to maintain its lion’s share during the forecast period. This is due to stringent regulations by governments in countries such as China and Japan and strict compliance to safety rules. However, Asia-Pacific would emerge as the fastest CAGR of 57.1% from 2018 to 2025 due to the growing penetration of IoT in the automotive and transportation industries in the region.
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The leading market players analyzed in the report include Amdocs, IBM Corporation, Ericsson, SAP SE, Oracle, Gemalto NV, Cisco Systems, Inc., ARIA SYSTEMS, INC., Intel Corp., and General Electric Co. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
Key Benefits for IoT Monetization Market:
• This study includes the analytical depiction of the global IoT monetization market trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities.
• The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the industry.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the global IoT monetization industry.
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