IoT Monetization Market to Reach $25.1 Trillion, by 2032 at 51.7% CAGR: Allied Market Research
Allied Market Research
Updated 8 min read
Allied Market Research
Rise in adoption of cloud platforms and increase in internet connectivity are the major factors that drive the growth of the global IoT monetization market.
Portland, OR , June 14, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “IoT Monetization Market by Component (Solution and Service), Organization Size (Large Enterprises and Small & Medium-sized Enterprises), Business Function (Marketing and Sales, IT, Finance, Supply Chain, and Operations), and Industrial Vertical (Retail, IT & Telecom, Manufacturing, Transportation & Logistics, Healthcare, BFSI, Energy & Utilities, and Others): Opportunity Analysis and Industry Forecast, 2022-2032”. 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.
Prime determinants of growth
Rise in adoption of cloud platforms and 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.
Component, Organization Size, Business Function, Industry Vertical and Region.
Drivers
Rise in adoption of cloud platforms
Increase in internet connectivity
Surge in use of consumer electronics devices
Opportunities
Increase in number of smart lighting and smart city projects
Restraints
Lack of IoT standards across platforms
Rise in privacy & security concerns
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.
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The solution segment to maintain its leadership status throughout the forecast period
Based on component, 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.
The marketing and sales segment to maintain its lead position during the forecast period
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 the future strategies for reducing costs, supporting business, and effectively control the business environment in the organization.
The large enterprises segment to maintain its leadership status throughout the forecast period
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.
The manufacturing segment to maintain its leadership status throughout the forecast period
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.
North America region to maintain its dominance by 2032
Based on region, the North America 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 report provides a detailed analysis of these key players of the IoT monetization market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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