New York, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has added a new report titled on “IoT Monetization Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Deployment Type (On-Premise and Cloud) and Application (Retail, Education, Aerospace & Defence, Automotive, Healthcare, Manufacturing, IT & Telecom, and Others”, the global IoT monetization market growth is fuelled by rising need for data analysis and integration of analytics & rising adoption of IoT technology across end-user industries, such as manufacturing, automotive, and healthcare.
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Global IoT Monetization Market Report Scope:
| Market Size Value in | USD 76.58 Billion in 2021 |
| Market Size Value by | USD 865.40 Billion by 2028 |
| Growth rate | CAGR of 42% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Deployment Type and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
IoT Monetization Market Analysis: Competitive Landscape
Amdocs; Cisco Systems, Inc. (Cisco Jasper); Flexera; Thales (Gemalto NV); Intel Corporation; Microsoft Corporation; Netcracker Inc. (NEC Corporation); Samsung Electronics Co. Ltd.; SAP SE; and Telefonaktiebolaget LM Ericsson are among the key IoT monetization market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the IoT monetization market and its ecosystem.
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Impact of COVID-19 Pandemic on Global IoT Monetization Market:
With the increasing number of COVID-19 cases globally, economy of many countries were significantly impacted in 2020. The supply chain and import & export got disrupted due to the COVID-19 outbreak. The global IoT monetization market witnessed a negative impact in Q1 & Q2 of 2020. This was mostly because several ongoing IoT projects were paused. Most of the companies reduced the investments in new projects. However, from Q3 2020, the demand for digitization accelerated. Several governing bodies uplifted the travel restrictions, which enabled transportation but with all safety measures and social distancing norms. Companies began strategically investing in connected technologies, such as remote asset management. In the medium to long run, the COVID-19 impact on IoT will be positive due to the increasing demand from various industry verticals such as healthcare, manufacturing, and smart homes. Also, companies will want to build more resilience to be better prepared if another pandemic rattles the world. Additional investment in digital infrastructure can be expected in 2022 and 2023. Overall, the impact of COVID-19 on the global IoT monetization market was low to moderate and is expected to witness high growth from 2022 onwards. The businesses had to transition to remote working, online operations and sales, and other business protocol modifications in response to the COVID-19 pandemic. As companies began to rely on cloud technologies, IoT, Big Data, AI, etc., the pandemic accelerated the implementation of IoT technology in 2020.
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Global IoT Monetization Market – Growth Drivers:
The rising adoption of IoT technology across end-user industries, such as manufacturing, automotive, and healthcare, drives the IoT monetization market growth. With the traditional manufacturing sector among a digital transformation, the IoT fuels intelligent connectivity's next industrial revolution. This is changing the way industries approach increasingly complex systems and machines to improve efficiency and reduce downtime. The Internet of Things is anticipated to make a massive transformation to various areas, such as replenishing goods. Devices such as connected refrigerators that can automatically place order for milk, cheese, or any other product that is running low are being introduced by major electronics manufacturers—Samsung and LG. Additionally, e-commerce platforms are rapidly increasing due to the ease of shopping and growing smartphone penetration in the market. Growing need for data analysis and integration of analytics is anticipated to drive the utilization of IoT, subsequently expected to drive the IoT monetization market over the forecast period.
Automotive is one of the largest sectors in terms of IoT implementation, with self-driving cars, security features, data analytics, in-vehicle infotainment, predictive maintenance, and real-time monitoring, and dashboard reporting being among the key applications. The high level of competition in the global automotive sector is augmenting the adoption of advanced technologies such as IoT and AI. Audi, BMW, General Motors, and Mercedes-Benz are among a few major automakers offering advanced infotainment systems integrated with innovative technologies into their cars. Moreover, the mounting demand for connected vehicles and rising investments in autonomous cars are boosting the adoption of IoT and efficient communication technologies, such as 4G and 5G, contributing to the IoT monetization market growth. Moreover, Automotive systems that can be enhanced with the implementation of IoT technologies include logistics management, fleet management, telematics, sensor sharing, advanced driver assistance systems, infotainment, and autonomous driving. Thus, the high adoption of IoT technology in the automotive section is likely to propel the IoT monetization market growth during the forecast period.
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In the IoT monetization market, countries such as India, South Africa, and the UAE are witnessing a high transition from traditional to digital ecosystems across industries. The growing trend of digitalization creates a huge demand for connected ecosystems, resulting in the growing demand for IoT-based solutions. The investments in IoT start-ups and supporting IoT monetization market ecosystems are also bolstering the research and development related to the IoT technology. Moreover, continuous improvements in cloud infrastructure and reducing costs of data services are fuelling digitalization in industrial processes. Furthermore, the IoT monetization market is witnessing a significant increase in the number of service providers such as system integrators, managed service providers, and IoT distributors. They play a key role in the installation, management, and monitoring of IoT solutions. The IoT monetization market ecosystem is fragmented and involves various intermediaries at every stage of the ecosystem. System integrators integrate all components into a whole and deliver the integrated systems to the retailers, while managed service providers offer numerous services such as device management, data management, security management, and network management to end users. Thus, the expected increase in digitalization across different sectors and rising dependence on service providers are emerging as key trends in IoT monetization market.
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