According to the latest report by IMARC Group, titled "IoT Monetization Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global IoT monetization market reached a value of US$ 194.5 Billion in 2021. The internet of things (IoT) refers to a system of interrelated computing devices, objects, mechanical and digital machines and people that are provided with unique identifiers (UIDs) to transfer data using network connectivity without requiring human-to-computer or human-to-human interaction. IoT monetization is a method of generating revenue using IoT-connected devices. It aids in monitoring, analyzing and managing business operations that help enterprises in improving their economic and operational efficiency in a cost-efficient manner. As a result, it offers several benefits, such as providing lucrative business opportunities, improved customer experience and boost efficiency and productivity.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global IoT Monetization Market Trends:
The global market is primarily driven by significant growth in the information technology (IT) industry. Along with this, rapid digitization across the corporate sector has encouraged businesses to heavily invest in the deployment of IoT-enabled hardware and software, which is creating a positive market outlook. In line with this, numerous initiatives and investments by public and private firms in the promotion of digitalization is considered to be a major growth-inducing factor. In addition to this, the rising adoption of cloud platforms by enterprises in order to securely store their data is providing lucrative growth opportunities to the market. Moreover, the growing internet connectivity and the increasing utilization of smart devices are providing an impetus to the market growth. Other factors, including rapid urbanization, intensive business competition, growing initiatives to promote smart city development, the escalating adoption of traffic management, continual technological advancements and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,548.00 Billion by 2027, exhibiting a CAGR of 38.80% during 2022-2027.
- On the basis of the component, the market has been segmented into solution and services.
- Based on the business function, the market has been segregated into marketing and sales, IT, finance, supply chain and operations.
- On the basis of the deployment mode, the market has been categorized into on-premises and cloud-based.
- Based on the organization size, the market has been bifurcated into large and small and medium-sized enterprises.
- On the basis of the industry verticals, the market has been categorized into BFSI, retail, IT and telecom, manufacturing, transportation and logistics, healthcare, energy and utilities and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are Amdocs, Cisco Systems Inc., CSG Systems International Inc., General Electric Company, Infosys Limited, International Business Machines Corporation, Microsoft Corporation, Nokia Corporation, Oracle Corporation, PTC Inc., Samsung Electronics Co. Ltd., Tata Consultancy Services Limited, Telefonaktiebolaget LM Ericsson and Thales Group.
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