Global IoT Monetization Market to Reach US$ 5,729.3 Billion by 2032, Impelled by Rising Adoption of Cloud Platforms

September 08, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "IoT Monetization Market Report by Component (Solution, Services), Business Function (Marketing and Sales, IT, Finance, Supply Chain, Operations), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (BFSI, Retail, IT and Telecom, Manufacturing, Transportation and Logistics, Healthcare, Energy and Utilities, and Others), and Region 2024-2032," the global IoT monetization market reached a value of US$ 385.7 Billion in 2023. 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.

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$ 5,729.3 Billion by 2032, exhibiting a CAGR of 34.3% during 2024-2032.


Market Summary: 

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Business Function, Deployment Mode, Organization Size, Industry Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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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Global IoT Monetization Market to Reach US$ 5,729.3 Billion by 2032, Impelled by Rising Adoption of Cloud Platforms
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