IoT Monetization Market Overview and SWOT Analysis by Key Players – Amdocs, IBM Corporation, Ericsson, SAP SE, Oracle, Gemalto NV, Cisco Systems, Inc., ARIA SYSTEMS
The global IoT monetization market was valued at $44,198 million in 2017 and is projected to reach $1,361,395 million by 2025, growing at a CAGR of 53.6% from 2018 to 2025.
IoT monetization is a process that generates revenue from IoT-enabled products and services. Owing to the growing dependence of the users on the IoT-based products and solutions, the companies charge the users for some extra features or for the entire product as a service.
With the beginning of the Internet era along with increasing advancements in technology, almost every device is now interconnected to each other.
In addition, due to the emergence of the IoT, numerous offices as well as homes have become smart and are operating through these connected devices. Also, rise in usage of smart devices such as tablets and smartphones is expected to fuel the growth of the global IoT monetization market.
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Rising adoption of cloud platforms, increasing internet connectivity, rising penetration of Industry 4.0, agriculture 2.0, and Logistics 4.0 the some of the major factors that drive the growth of the global IoT monetization market. In addition, the growing use of consumer electronics devices is expected to fuel the growth of the global IoT market.
However, lack of IoT standards across platforms and raising privacy, as well as security concerns, are the major factors that impede global IoT monetization market growth. Also, according to the Capgemini research report, 70% of enterprises do not get service revenues from their IoT products.
Moreover, companies that want to generate revenue from IoT will need to convert the information from smart and connected products into services by using the product’s data stream to involve customers with additional services, or by offering the entire product as a service, which is expected to provide lucrative opportunities for the growth of the global IoT monetization market. Furthermore, an increasing number of smart lighting and smart city projects is anticipated to provide lucrative growth opportunities for the global IoT monetization market in upcoming years.
The global IoT monetization market is segmented based on component, organization size, industry vertical, business functions, and region. In terms of component, the market is segmented into solutions and services.
On the basis of organization size, the market is segmented into large enterprises and small & medium-sized enterprises. Based on industry vertical, the market is divided into retail, IT & telecom, manufacturing, transportation & logistics, healthcare, BFSI, energy & utilities, and others.
On the basis of business function, the market is classified into marketing & sales, IT, finance, supply chain, and operations. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2017, the manufacturing segment accounted for the highest share of the global IoT monetization market and is projected to remain dominant during the forecast period due to its increasing adoption by manufacturers to cut costs, boost productivity, and achieve new efficiencies. However, the healthcare segment is expected to witness the highest growth, as the use of IoT is expected to grow fastest in the healthcare sector over the next five years, to the tune of $117 billion by 2020.
The global IoT monetization market is dominated by key players such as Amdocs, IBM Corporation, Ericsson, SAP SE, Oracle, Gemalto NV, Cisco Systems, Inc., ARIA SYSTEMS, INC., Intel Corp., and General Electric Co.
Key Findings of the IoT Monetization Market:
- By component, the services segment is expected to exhibit significant growth in the global IoT monetization market during the forecast period.
- In 2017, the solution segment accounted for the highest revenue in the component category.
- Based on industry vertical, the manufacturing segment generated the highest revenue in 2017.
- Based on organization size, large enterprises generated the highest revenue in 2017.
- Based on the region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
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