IoT Monetization Market is expected to reach US$ 865.40 billion by 2028

Escalating Demand for Implementation of IoT Technologies in Automotive Sector is Catalyzing IoT Monetization Market

According to our latest market study on " IoT Monetization Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Enterprise Size, and End User," the IoT monetization market is expected to grow from US$ 76.58 billion in 2021 to US$ 865.40 billion by 2028 with an estimated CAGR of 42.0% from 2022 to 2028.

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.

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 fueling 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.

The IoT ecosystem comprises hardware vendors, software vendors, network operators, service providers, system integrators, government & regulatory bodies, and various industry verticals. With evolving technology landscape and growing demand for connected devices and systems, the need for reliable IoT solutions is anticipated to rise at an unprecedented rate during the forecast period. In the IoT monetization market ecosystem, IoT hardware providers supply various components that are incorporated into IoT modules. Furthermore, in the IoT monetization market, software providers offer various software to run IoT devices. The major verticals wherein IoT solutions are being widely adopted include industrial, infrastructure & construction, retail, consumer electronics, automotive & transportation, energy & utilities, and healthcare. In addition, government and regulatory authorities, industry groups, and research organizations are a few of the peripheral stakeholders that play an important role in the research, developments, and advancements pertaining to IoT, contributing to the growth of IoT monetization market.

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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