According to a recent report published by Allied Market Research, titled,"IoT Monetization Market by Component, Organization Size, Industry Vertical, and Business Function: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"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.
The major factors increasing the demand of the global IoT monetization market include growing penetration of connected devices such as home automation products, increasing internet connectivity, growing adoption of smartphones and IoT enabled products among developing economies, and rising adoption of cloud platforms. However, lack of proper network and internet connectivity in the underdeveloped and developing countries is expected to hamper the growth of the global market.
Based on component, the solution segment dominated the global IoT monetization market in 2017 and is expected to continue this trend during the forecast period due to increase in use of service platforms to monetize IoT data as cloud computing reduces the complexity by supporting IoT data blending.
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 healthcare sector over the next five years, to the tune of $117 billion by 2020.
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 region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
Some of the key market players profiled 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.
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