IoT Monetization Market Is Expected to Reach USD 25.1 Billion by 2023-2032: Says AMR
The rise in the adoption of cloud platforms & the increase in internet connectivity are the major factors that drive the growth of the global market.
PORTLAND, PORTLAND, OR, UNITED STATES, September 21, 2023/EINPresswire.com/ — According to the report, the IoT monetization industry generated $396.6 billion in 2022, and is anticipated to generate $25.1 Trillion by 2032, witnessing a CAGR of 51.7% from 2023 to 2032.
Rise in adoption of cloud platforms and the increase in internet connectivity are the major factors that drive the growth of the global IoT monetization market. In addition, surge in use of consumer electronics devices is expected to fuel the growth of the global IoT market. However, lack of IoT standards across platforms and rise in privacy as well as security concerns are the major factors that impede the growth of the global market. Furthermore, an increase in number of smart lighting and smart city projects is anticipated to provide lucrative growth opportunities for the global IoT monetization market in the upcoming years.
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Covid-19 Scenario:
• The COVID-19 pandemic has had a significant impact on the IoT monetization industry. While some sectors experienced challenges, others witnessed opportunities for growth and innovation. One of the positive impacts of the pandemic on the IoT monetization market was the increased demand for remote monitoring and automation solutions.
• In addition, the pandemic accelerated digital transformation initiatives across industries, further fueling the adoption of IoT solutions. As businesses looked to adapt to the changing landscape, they increasingly turned to IoT-enabled applications and services to optimize operations, improve supply chain resilience, and enhance customer experiences. This surge in IoT implementation created monetization opportunities for IoT platform providers, solution developers, and service providers.
Based on components, the solution segment held the highest market share in 2022, accounting for nearly two-thirds of the IoT monetization market revenue and is estimated to maintain its leadership status throughout the forecast period. Increase in adoption of IoT monetization solutions among organizations, as they are finding ways to monetize IoT through revenue-generating products and services or to differentiate their core products and services offerings. However, the service segment is projected to manifest the highest CAGR of 57.3% from 2023 to 2032, as IoT monetization services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
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Based on business function, the marketing and sales segment accounted for the largest share in 2022, contributing for nearly two-fifths of the IoT monetization market revenue, owing to growth in use of IoT data to attract new customers as well as to keep existing ones. This data helps organizations to detect customers who are likely to cancel a subscription, product, or service. However, finance segment is expected to portray the largest CAGR of 59.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The finance business function helps the organizations to determine future strategies for reducing costs, supporting business, and effectively control the business environment in the organization.
Based on industry vertical, the manufacturing segment held the highest market share in 2022, accounting for nearly one-fourths of the IoT monetization market revenue and is estimated to maintain its leadership status throughout the forecast period. There is a continuous increase in the demand for IoT monetization solutions in manufacturing industry due to its numerous advantages, which includes streamlined operations, reduced cost, improved customer acquisition & retention, and new sources of revenue from the insights generated by instrumented products and product development processes. However, the healthcare segment is projected to manifest the highest CAGR of 58.5% from 2023 to 2032. Healthcare organizations need to monetize healthcare IoT devices to embrace the full potential of the devices, which fuels the growth of the market.
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Based on organization size, the large enterprises segment held the highest market share in 2022, accounting for less than two-thirds of the IoT monetization market revenue and is estimated to maintain its leadership status throughout the forecast period, the adoption of IoT monetization tools has become an integral part of these large-scale organizations to sustain in the competitive market. However, the small and medium sized enterprises segment is projected to manifest the highest CAGR of 56.0% from 2023 to 2032. The growth in penetration of IoT devices in small and medium sized organizations is expected to provide lucrative opportunities for the market.
Based on region, the North American segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the IoT monetization market revenue. The increase in usage of IoT monetization solutions in businesses to improve businesses and the customer experience are anticipated to propel the growth of market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 57.3% from 2023 to 2032, and is likely to enhance the market growth during the forecast period, owing to increase in penetration of digitalization and higher adoption of cloud-based solution.
The key players operating in the global IoT monetization market analysis are Amdocs, Inc., IBM Corporation, Ericsson, SAP SE, Oracle, Thales Group, Cisco Systems, Inc., Aria Systems, Inc., Intel Corp., and General Electric Co. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the IoT monetization industry globally.
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